Fundraising strong despite credit crunch

After the capital raised in French funds hit peaks of more than EUR6bn in 2006 and 2005, there has been a major drop in capital raised in the past year. Due to the credit crunch which has plagued the financial world, 2007 also saw a drop in the number of funds announced as well as closed.

Fund action is looking positive for 2008 with a number closing in the past few months. Notably this month, Pragma Capital held a final close on its second fund Pragma II at EUR345m, exceeding its original target of EUR300m. XAnge Private Equity also held the final close of its first capital development fund XPansion at EUR50m. This comes in quick succession to last month's fund closings which included Acto Mezzanine's EUR187m final close of Acto Mezzanine FCPR ahead of the EUR150m target.

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