Idinvest holds first close on €250m for Idinvest Growth Fund II

Alice Tchernookova
21 November 2016

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Idinvest Partners has held a first close on €250m for its second growth capital fund, Idinvest Growth Fund II.

The GP is aiming for a final close on €350-400m in Q1 2017. It will follow a strategy similar to that of the fund's previous generation.

Investments made with Growth Fund I include Talent, now listed on Nasdaq; Withings, sold to Nokia; Vestiaire Collective; and most recently an investment in the €150m series-E round for Sigfox. Fund I is now fully invested.

Commenting on the fund close, founding partner Christophe Baviere told unquote": "We have always been a growth fund, but we see a trend in the market today for the growth segment; if you want to make a company grow globally, you have to increase the amount of money invested in it – speed and money matter.

"What we want to prove is that Europe has the ability to finance its best champions even in their latest growth stages."

Investors
Idinvest said it did not wish to share extensive details regarding investors at this stage, as the fundraising is still underway. However, the GP confirmed its investor base is more international, with some LPs based in the Middle East.

All commitments so far have come from institutional investors, Idinvest said.

Investments
The fund targets SMEs in the digital, health and energy sectors. It will largely focus on businesses whose roots are in France and Europe, but that have a "global prospect for growth," Idinvest said in a statement. Companies supported by the fund will typically look to the US and Asia for expansion opportunities.

The GP is planning to make between 12-20 investments, with tickets varying between €10-14m. It will mainly target businesses in the late-stage venture segment (looking at potential IPOs, for instance), with an established presence and status. The range of revenues can be "very large," Idinvest said. In the case of very large rounds, Idinvest will co-invest with other funds.

People
Idinvest Partners – Christophe Bavière (founding partner); Benoist Grossmann (managing partner).