Partech Growth hits €370m target, aims for €400m hard-cap in 2016

The €75m contribution was provided by European Investment Fund and French and German state-backed investors BPI France and KfW.

Along with the contributions from additional investors, the figure pushed Partech Growth up to its €370m target; according to unquote" sources, work is already underway for the vehicle to close on its €400m hard-cap in early 2016.

The announcement comes nine months after a €200m first close for the fund, with capital raised from BPI France, CNP Assurances, AG2R La Mondiale and industrial groups Carrefour, Ingenico Group and Renault.

At the time, Partech Ventures stated the fund sought to respond to the shortage of European investment in technology and digital companies that have made it past the €10m revenue mark. The segment will be targeted by Partech Growth, which will write €10-50m equity tickets.

The later-stage fund, overseen by Partech general partners Bruno Crémel, Mark Menell and Omri Benayoun, has already financed two deals: a $30m round for US mobile and internet access specialist FreedomPop in June and a $60m injection into British design furniture retailer Made.com in July.

The two investments will be followed by a third to be announced in the coming days, unquote" understands.

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