LBO France to start fundraising after year-long delay

One of France's oldest private equity groups is seeking to raise €1bn with a hard-cap of €1.5bn for its latest fund, which has been launched a year later than expected.

White Knight IX will focus on investing in the French market, particularly in French companies that possess the ability to expand internationally.

The firm considered raising a €350m top-up fund for its most recent vehicle, White Knight VIII, however the idea was quickly scrapped.

White Knight VIII was launched in 2008 with a target of €1.2bn. The firm closed the fund in 2009 having raised between €850-900m, but White Knight VIII reportedly ran out of capital and its investors refused to commit further equity. The fund is now believed to be performing well, and is on track to generate a 2.2x return.

LBO France typically invests in the French mid-market. White Knight VIII sought to invest in high-end mid-market companies with an enterprise value of €100m-2.5bn. Its portfolio companies include Diam International and Materne – Mont Blanc.

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• LBO France