Amundi holds final close on €665m for private debt fund

This is below the target of €700m stated in marketing materials for the fund, circulated in March 2017.

Amundi said it will use its privileged access to French companies, via partner banks including Crédit Agricole and 11 others, to source deals.

It targets returns of 4%, which it says is a premium of 75-90 basis points compared with listed bonds.

Management fees are 0.32% with an additional admin fee of 0.03% and a 0.05% transaction commission.

The investment period is two years and the fund is expected to have a lifespan of around six years, based on the final maturity of its assets and average redemption times.

Clifford Chance provided legal and structuring advice, PwC is listed as auditor and Caceis provided additional administrative services.

Investors
The fundraise was backed by 13 institutional investors; further details were not disclosed.

Investments
The vehicle will make 30-40 investments in companies with a turnover of €75-300m and a minimum of €7m in EBITDA. The typical leverage range will be 2.5-3x with a limit of 5x. It will invest in all sectors except for financials, providing senior secured and unsecured loans.

People
Amundi – Thierry Vallière (global head of private debt platform).

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• Amundi Private Equity
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