21 Invest France closes fifth fund on €230m

21 Centrale Partners V was announced in September 2015, according to Unquote Data, and held a €200m first close in March this year.

The vehicle is short of its €400m target and significantly smaller than its predecessor, 21 Centrale Partners IV, which closed on €380m in February 2011.

A spokesperson for the GP confirmed that previous funds had also offered co-investment facilities of approximately 20% of the main funds' volumes. However, LP demand for co-investment was significantly higher this time, and LPs plan to commit an extra €70m, if not more.

The fund close follows the GP's rebranding from 21 Partners to 21 Invest. It will also make management changes in Q1 2019, with François Barbier set to become president, taking over from Gérard Pluvinet.  

Additionally, Jean-Philippe Milon (CEO of Quantum Genomics and former president of Bayer Healthcare France) and Dominique Illien (former CEO of Sopra Steria) will join 21 Invest France's supervisory board.

Investors
Institutional investors, including public organisations, insurance companies, banks and funds-of-funds, represent 71% of the vehicle's backers, Unquote understands. Additionally, €32m has been committed by CEOs or ex-CEOs of previously backed portfolio companies.

International LPs, which historically committed around three quarters of previous funds, amount to 65% of backers in the fifth vehicle, Unquote has learned.

Investments
Although still pursuing a generalist strategy, the GP prefers to invest in health, technology, business services, consumer, leisure and specialised industries.

Like previous funds, the fifth generation vehicle will provide tickets in the €20-50m range, targeting companies with a €50-200m enterprise value.

People
21 Invest France – François Barbier (managing partner).

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