Perfectis PE spins out of Euler Hermes

Greg Gille
@unquotenews
03 July 2012

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Industrial holding HLD has bought a stake in French GP Perfectis Private Equity from credit insurer group Euler Hermes France, alongside the Perfectis management.

Euler Hermes sold its stake to focus on its core credit insurance activities. It will, however, remain invested in the Perfectis I and II funds.

The Perfectis management team, led by Gabriel Fossorier, will up its stake in the business and keep managing the funds independently. HLD is willing to co-invest in Perfectis's pledge funds, a strategy the GP is aiming to develop going forward.

More importantly, the change of ownership will allow Perfectis to keep operating – the GP was left unable to make new investments after it had to halt fundraising for its third fund in 2009. HLD is notably willing to sponsor Perfectis III if and when the fund goes back to market.

Perfectis was founded in 2000 by former 3i employees Gabriel Fossorier and Jean-Marie Lavirotte. It raised a maiden €80m fund before closing a second effort on €122m in 2006. Perfectis went back on the fundraising trail at the end of 2008 but had to back down given the adverse market conditions.