LT Capital holds €105m final close for LTC III

Having started the fundraising process in September 2017, the GP then held an interim close on €60m in May.

LT Capital was founded in 2017 by a group of investors who had worked for Paluel Marmont Capital (PMC). PMC used to mostly rely on parent company La Compagnie Lebon for its funding.

The GP manages funds previously owned by PMC, including the PMC II fund, which closed on €70m in 2014. The vehicle is currently fully deployed, a spokesperson for LT Capital told Unquote.

Including the vehicles inherited from PMC, LT Capital currently has assets under management of nearly €200m.

Investors
Institutional investors, a minority in the previous PMC II fund, currently represent 70% of LTC III's commitments. These include the European Investment Fund – which has invested its maximum authorised amount, nearly €40m – as well as Harmonie Mutuelle, Malakoff Médéric, Amundi and Swen Capital Partners.

Family offices and high-net-worth individuals account for 25-30% of commitments.

Investments
LT Capital invests in small-cap deals in France, with a ticket size of €2.5-10m per deal. The vehicle aims to build a portfolio of around 15 companies, acquiring both minority and majority stakes. The vehicle is sector–agnostic.

The fund inked its first deal by backing the MBO of France-based broker Groupe Leader Insurance.

People
LT Capital – Xavier Poppe (president).

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