LBO France launches fund for high-net-worth clients

LBO France's new fund will give high-net-worth clients access to private equity investment strategies usually reserved for professional clients. The GP disclosed that, thanks to a multi-strategy approach, the vehicle will also offer risk pooling.

According to a person familiar with the situation, the fund's target is around €30m. The GP's intention would be to regularly raise funds around this size rather than sporadically hold a large close. 

This fund is a tax fund under French law, which allows it exemption from income tax on capital gains subject to a minimum holding period of five years (excluding social security contributions).

The subscription period is one year, though LBO France expects a close earlier than that. 

Investors 
Investors backing the vehicle will be high-net-worth clients who, in a favourable climate for private equity, want to diversify their portfolio with assets connected to the real economy and protected from the fluctuations of stock markets.

Investors would be mostly French as the product is under the form of FCPR, nonetheless they could be also be European investors, Unquote understands. 

Although the minimum investment would be €25,000, LBO France expect the average commitment to be in the  €100,000-250,000 range, Unquote understands.   

Investments 
The FCPR White Caps Sélection fund will invest in funds managed by LBO France in French or European small- or mid-cap companies within the framework of expansion capital or buyout capital transactions.

To ensure additional diversification, the fund will also be able to invest in real estate.

People 
LBO France – Johan Didouche (director of the external distribution).

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• Fund-of-funds
• Buyout
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• France
• LBO France