Eurazeo at 70% of target for EUR 1bn PME IV fund

Eurazeo launched the fourth generation of its PME funds earlier this year; the strategy is dedicated to investments across the mid-market.

Eurazeo's PME arm deploys equity tickets of €20-100m, focusing on France-based mid-market businesses with enterprise values of €50-500m.

Eurazeo PME IV has already started investing. It acquired a majority stake in French insurance business Groupe Premium in March 2021, in a deal valuing the company at €290m. Eurazeo PME IV's investment amounted to around €100m. The fund also bought a controlling stake in French cybersecurity business I-Tracing with an investment of around €65m; the deal valued the business at €165m.

Eurazeo's fourth PME fund is already larger than its predecessor, Eurazeo PME III, which held a final close on €658m in July 2017. The GP was initially aiming for a €600m target when it launched the vehicle, which reached a first close on €586m in late May 2017. Eurazeo itself committed €408m, while third-party investors committed €250m.

Before that, Eurazeo closed its PME II fund on €520m in March 2015. The vehicle secured €156m from external investors, with the remainder committed by Eurazeo.

In addition to its PME range of funds, Eurazeo is currently investing its flagship vehicle Eurazeo Capital IV, which held a final close on its €2.5bn hard-cap in July 2019.

In its H1 2021 results, Eurazeo said it saw record fundraising over the period at EUR 2.4bn, with several funds closing their fundraising above their initial targets.

The firm held a final close for its third growth fund on EUR 1.6bn, surpassing its EUR 1bn target. The GP also raised EUR 1bn for its secondaries programme in July 2021, as reported. Most recently, it announced a final close for Idinvest Private Debt V on EUR 1.5bn, exceeding its EUR 1.2bn target.

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• Topics
• Funds
• Buyout
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• Eurazeo