Azulis Capital closes MMF V on €215m

The fund exceeded its target, set at €200m. The final closing comes around two years after the firm held a first close on €121m.

The vehicle is slightly smaller than the previous one, MMF IV, which gathered €225m.

MMF V's closing comes with a reshuffle within the firm, with Franck Boget and Michel Rowan leaving and founding partners Pierre Jourdain, Yann Collignon and Christine Mariette set to take over management. Azulis is also said to be considering the recruitment of two investment managers.

In 2016, the GP also completed two divestments, exiting the Laguarrigue group it had acquired in 2011, and Brunel/Starwax-Synto, bought more than five years ago.

Acanthus worked as placement agent for Azulis on the fundraise.

Investors
MMF V received support from a mix of returning and new LPs. Around 60% of the group's previous investors recommitted capital on this occasion, including BPI France, BNP Paribas and the European Investment Bank. They were joined by institutional investors, entrepreneurs and family offices, which altogether contributed around €30m.

Investments
Following the strategy established with previous funds, MMF V will focus on four sectors: health, agriculture, consumer, and business support services. It will target businesses with EV between €15-150m, providing equity tickets typically ranging between €10-15m.

Azulis will take part in buyout and growth deals, looking to mostly take majority stakes and to apply an active buy-and-build strategy, as it has with previous portfolio companies. It will also put a strong focus on companies' internationalisation.

According to the GP, around a third of the fund has already been invested through five acquisitions and 13 build-ups. These transactions include human resources group Destia, online clothing retailer Laboutiqueofficielle.com, organic products business Marcel & Fils, retirement homes manager Vivalto Vie and industrial breadmaker Novepan.

The GP is still divesting from its previous funds, MMF III and MMF IV.

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