21 Centrale Partners V reaches first close on €200m

Launched in September 2015, the fund had an original target of €400m. It is now expected to hold a final close on €300m in Q3 this year.

A source close to the situation confirmed that Reach Capital was acting as placement agent on the fundraise.

Investors
The GP has benefited from the backing of European LPs, with 68% of commitments at first close coming from outside France. LPs in previous funds contributed to 70% of the raise, with family investors and entrepreneurs contributing 23%.

Some of the known LPs include the European Investment Fund, which invested €60m, and the Benetton family.

Investments
With a similar remit to its predecessor, 21 Centrale Partners IV, the fund will deploy €20-50m in buyouts of France-based international companies with enterprise values of €50-200m.

The fund will consider leading co-investments.

People
21 Centrale Partners – Gérard Pluvinet (chair); François Barbier (managing partner).

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