Parquest Capital closes second fund on €310m

The closing is the first and final for the fund, according to the GP, which launched the fundraising process just over seven months ago, in October 2016.

Parquest Capital 2's target, originally set at €250m, was subsequently raised. The fund's previous generation was launched in 2014 with a target of €300m.

Since the launch of Parquest in 2002 following its spinout from insurance group ING, the GP claims that two thirds of its activity has consisted of primary and often proprietary deals.

Parquest is currently managed by a 12-strong team. Capstone Partners served as exclusive placement agent on the current fundraise, while Clifford Chance acted as legal adviser.

Investors
Parquest Capital 2 has around 20 investors. All Parquest Capital 1 investors returned to the fund and were joined by a number of new investors.

The LP base includes funds-of-funds, pension funds, insurance companies, government agencies and financial institutions such as the European Investment Fund. Returning LPs include LGT Capital Partners, Idinvest Partners and Five Arrows Management.

Investments
As a lower-mid-cap fund, Parquest Capital 2 will largely follow the investment strategy established by its predecessor, targeting French SMEs with an enterprise value ranging between €20-150m and with a strong potential for expansion in France and abroad.

Target sectors will include consumer goods, healthcare and B2B services.

People
Parquest Capital – Denis le Chevallier, Pierre Decré, Laurence Bouttier, Thomas Babinet (managing partners).

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