Siparex raises €110m on way to €150m target

The fund, launched in June, notably attracted a €10m commitment from a Quebec-based institutional investor this week, unquote" has learned. The LP was already invested in Siparex's previous MidMarket II vehicle and doubled the size of its commitment for this latest effort.

Siparex MidMarket III is understood to be well on its way to reaching its €150m target in the next few months. Investors in the MidMarket II fund contributed to 80% of the capital attracted at first close. The remainder was provided by pension funds and family offices. Siparex is now working towards broadening the vehicle's LP base by targeting international investors.

Siparex MidMarket III will invest in both growth capital and buyout transactions, targeting French businesses valued at more than €40m. It will invest €2.5-15m per deal. The fund will start making its first investments throughout Q4 2012.

Despite a difficult fundraising environment, 2012 stands to be a busy year for Siparex. The firm launched MidMarket III in June, days after closing its MidCap II vehicle – which will target smaller businesses – on €130m.

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