Omnes holds €72m interim close for Expansion III

The GP is hoping to hold a final close in H1 2019 and the hard-cap of the vehicle is set at €150m, Unquote understands.

Omnes started the fundraising process before the summer and held a first close on €30m in April to allow the small-cap team to proceed with the investment in Mistral, a French developer of enterprise resource planning software. 

The fund is considerably larger than Omnes Expansion II, which closed on €70m in 2014. Omnes is also currently fundraising for the Omnes Real Tech and Mezzanis III vehicles.

Investors
LCL, an affiliate of Crédit Agricole, contributed around €30m to this first close, while it previously committed €40m in Expansion II, according to a person familiar with the situation. 

Omnes was a subsidiary of Crédit Agricole until March 2012 and this is the first time the GP is marketing an Expansion fund to institutional investors other than Crédit Agricole. The third-generation vehicle has already registered commitments from mutual pension companies and insurance companies. 

Individuals and family offices committed more than €18m, while they had committed around €30m for Expansion II, Unquote understands. The GP is also looking to increase commitments from this category of investors for the final close. 

LPs are currently France-based, however some international backers might come in for the final close. 

Expansion III is expected to offer a net IRR of 15% for LPs, for a targeted multiple of 2.5x. 

Investments
Omnes Expansion III will build a portfolio of a dozen investments and aims to complete mainly primary deals, investing in French SMEs valued in the €10-40m range. The fund will provide tickets of up to €12m. 

People
Omnes - Benjamin Arm (managing partner); Laurent Espic (director).

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