Ring Capital holds final close for €165m maiden fund

Francesca Veronesi
11 June 2018

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French GP Ring Capital has held a final close on €165m for its tech-focused vehicle.

Having held a first close in January 2018 on €140m, the vehicle surpassed its target of €150m, a spokesperson for Ring Capital told Unquote. Terms follow the 2-8-20 standard.

Ring Capital was founded in 2017 by serial entrepreneur Geoffroy Bragadir and ex-Alven partner Nicolas Celier. Tikehau Capital invested for a 25% stake in the general partner itself.

Investors
The vast majority of LPs are France-based, some are Europe-based and a small percentage hails from outside Europe.

Tikehau, BPI France, Bred Banque Populaire, AG2R La Mondiale and corporates ProBTP and Danone backed the fund for its first closing.

The final close saw Crédit Mutuel Maine Anjou Basse Normandie, Sofiouest and Swen Capital Partners make commitments to the vehicle.

Around 80% of the capital was committed by institutional investors.

Several family offices and up to 25 business angels, including businessman Xavier Niel, also invested in the vehicle. These will allow Ring Capital to access a diversified network for business development and deal sourcing.

LPs including BPI France, Sofiouest and Swen Capital Partners could equally act as co-investors.

Investments
The GP acquires minority interests, investing €1-15m either on its own or with co-investors, in companies with an enterprise value in the €20-100m range, with €50m being the sweet spot. It manages both early-stage and expansion deals.

Ring Capital targets French tech companies. Internationalisation is a prioritised growth route, particularly towards the US.

It takes part in transactions including capital increases and buy-backs from founders and initial shareholders.

The GP's first investment was Adikteev, a Paris-based mobile marketing platform. Ring Capital invested $12m alongside Isai and Ventech. It will shortly announce two further investments, Unquote understands.

People
Ring Capital – Nicolas Celier, Geoffroy Bragadir (managing partners; co-founders).