Astorg closes Astorg VI fund on €2.1bn extended hard-cap

The fund, launched in October 2015, was substantially oversubscribed and is twice the size of Astorg's previous buyout fund Astorg V, raised in 2011.

Astorg VI was closed above its initial €1.5bn target. A first close on €1.7bn was held earlier in 2016.

Astorg V is now fully invested. Eight investments were completed with the fund in companies with an average entreprise value of around €650m.

Investors
Astorg VI is backed by a global and diverse investor base that includes pension funds (29%), insurance companies (19%) and institutional asset managers (18%). The geographical split is 62% European LPs, 30% North American and 8% Asian. Both new and previous backers committed capital to the fund, with around 70% of investors from Astorg V backing the new fund with significantly increased commitments. 

Investments
The fund will mainly target European mid-market buyouts. With offices in Luxembourg, London, Paris, Amsterdam, Frankfurt and Zurich, Astorg invests principally in global B2B companies headquartered in Europe. It will target businesses with an entreprise value of around €600m-1bn. The GP plans to invest in 10-12 businesses in total.

Astorg VI has already deployed 27% of its capital in three companies: in February, Astorg acquired around 55% of HRA Pharma in a deal valued within the €200-300m range; in April, the GP invested €450m in parking operator Parkeon; and a new deal is to be closed soon in the software sector, the GP said.

People
Astorg – Jeff Orenstein (senior advisor); Thierry Timsit (managing partner).

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