Alter Capital closes latest fund on €33m

Alter Capital held a first close on €21m in October 2013. At the time, BPI France stated the vehicle would continue undertaking fundraising for a further 12-18 months.

The fund received commitments from institutional investors BPI France, the Ile-de-France region, Agrica, Fonds de Garantie, Swen Capital, BNP Paribas, Predica, Natixis, Idinvest, Fondation de France, Peugeot-owned FFP holding and CFDT, according to French publication Capital Finance.

These investors contributed 77% of all capital invested in Alter Equity3P. Meanwhile, high-net-worth individuals and entrepreneurs supplied the remaining 23%.

According to BPI France, Alter Equity3P targets investments amounting to €500,000-5m. The vehicle seeks to acquire minority and majority stakes in French SMEs with revenues in excess of €1m and a strong growth potential.

Given its impact investment focus, the fund targets companies with an environment-friendly focus such as emission reduction, green chemistry, bioproducts and the conservation of biodiversity.

It also targets businesses developing socially-responsible policies in the areas of education and training, employability, fair trade and healthcare and wellbeing, among others.

Fanny Picard is the founding partner of Alter Equity, while Etienne Allilaire is also a partner at the firm and the vehicle's investment manager.

Alter Equity was not yet available for comment.

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