Mirabaud holds first close for first PE fund on €50m

The GP will invest in family-owned European businesses, focusing on what it describes as "living heritage" businesses in the luxury consumer and lifestyle sector.

Mirabaud has recruited Renaud Dutreil, the former French minister of small & medium-sized businesses and former chair of LVMH North America, to manage the fund. He will be supported in this remit by Luc-Alban Chermette.

The fund was launched towards the end of Q1 and the second and final close is scheduled for the end of the year with a target of €150m.

The vehicle will be domiciled in France with a Luxembourg feeder fund and aims to make 10-12 investments. It will run a two-and-a-half year investment period and has a total life of eight years with two optional one-year extensions.

A minimum target return of 10% has been set but the GP hopes to make 12-15%. The management fee is 2% with 20% carry and a 7% hurdle.

Investors
Details of the fund's investors have not been disclosed, though the fund is understood to count 30 LPs among its base, comprising private and institutional investors. The GP has committed to provide 1% of the fund's capital.

Co-investment opportunities will be offered at a minimum of €1m.

Investments
The GP will make 10-12 investments in European "living heritage" businesses that have been running for at least 50 years with an average ticket size of €10-12m. The main geographical focus is France, Italy and Switzerland. The fund plans to make its first investment in Q3 this year.

People
Mirabaud Asset Management – Renaud Dutreil (head of private equity).

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• Topics
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• Buyout
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• European Investment Fund