Partech holds final close for Entrepreneur II on €100m

A first close had been announced last year on €60m with BPI France, seven corporations and 60 business angels as investors. 

The fund's previous generation, Partech Entrepreneur I, closed on €30m in October 2013 with commitments from 40 LPs led by cornerstone investors BPI France, BPI-managed Fonds National d'Amorçage (FNA) and Econocom.

The team managing the fund will be based in Paris, Berlin and San Francisco. 

Investors
Partech Entrepreneur II's investor base features BPI France, which contributed €20m via its FNA vehicle, as well as seven family offices and private entrepreneurs who altogether contributed an equivalent amount.

Most of the fundraising was completed with the backing of a group of large French corporations: Carrefour, Accenture, Ingenico, Renault-Nissan, Econocom, Edenred, Groupama and Neopost, which provided a total of €50m.

The remaining €10m was provided by institutional investors and funds-of-funds. 

Investments
Partech Entrepreneur II will target 80 seed capital investments in startups in the technology and internet sectors. The fund will aim for average deal sizes between €300,000-1m. It expects to make three deals each month, in each of its preferred geographies: France, the rest of Europe and  Silicon Valley. Upon the first closing, unquote" data had reported that the first five transactions were already in the pipeline and were expected to take place in April 2015.

Having now reached its final closing, the fund has been tapped for 53 transactions totalling €30m, which includes PriceMatch, booking.com, AlephD or AOL. The firm is claiming the fund's current IRR to be around 30%.

People
Partech Ventures – Romain Lavault (partner); Boris Golden (investment director); Otto Birnbaum (principal); Jai Choi (venture partner). 

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