Isatis Capital holds first close on €42m for Crescendo fund

The fund was launched on 9 November and is an FPCI-type fund based in France - it is the first fund targeting institutional investors launched by Isatis. The GP said it would subsequently hold a second and final close in Q3 2017, targeting €100m of commitments with a €120m hard-cap. 

Isatis also said a first investment in a company specialised in accompanying digital transitions has been made with the fund, adding that the deal would be announced in the next few days.

Crescendo is a small-cap buyout fund domiciled in France with a 10-year lifespan and a two-year extension period.

Investors
All commitments to date came from French institutional investors, including €20m from BNP Paribas. The fund has a total of five LPs as of publication, a source close to the matter told unquote".

Investments
Crescendo will invest in French SMEs and support them through their progress from small- to mid-sized companies. The GP is planning between 12 and 15 investments in total with a €6m average ticket.

Targeted sectors include New Technologies of Information and Communication (NTIC), software, IT, digital, medtech, e-health and care services.

The fund will support companies both through external and internal growth, and will aim to use "moderate leverage in order to preserve the groups' own growth," the GP said in a statement.

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