Eurazeo holds first close on €586m for Eurazeo PME III

Eurazeo was initially aiming for a €600m target when it launched the vehicle, which will now remain open to further investments from third-party LPs, in December 2016. Eurazeo itself committed €400m, while third-party investors committed €186m at first close in the mid-cap vehicle.

The firm has not set a particular target date for a final close, but expects the fund to close reasonably soon, unquote" understands.

The fund's predecessor, Eurazeo PME II, closed on €520m in March 2015. It secured €156m from external investors, with the remainder committed by Eurazeo.

This is the second fundraising landmark of the year so far for Eurazeo: in January, the listed private equity house held a final close on €500m for its second co-investment vehicle, Eurazeo Capital II.

Investors
According to the firm, most of the institutional investors that backed PME II re-upped in this latest vehicle. The LPs hail from France, the rest of Europe and the US.

Investments
Eurazeo's PME arm focuses on investments in French mid-cap businesses valued at between €50-200m, deploying equity tickets of €20-100m. The investment period will run for five years - other terms and conditions were described as standard by Eurazeo.

People
Eurazeo PME – Olivier Millet (chair).

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