Eurazeo closes PME III fund on €658m

Greg Gille
31 July 2017

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French listed GP Eurazeo has held a final close on €658m for its latest mid-cap effort, Eurazeo PME III.

Eurazeo announced the final close in its first-half results at the end of July.

The GP was initially aiming for a €600m target when it launched the vehicle, which reached a first close on €586m in late May. Eurazeo itself committed €408m, while third-party investors committed €250m (up from €186m at first close).

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).