Siparex holds €125m first close for Intermezzo 2

The second-generation vehicle has already surpassed the volume of its predecessor, Siparex Intermezzo, which closed on €100m in 2016. The previous fund backed 17 businesses and generated an IRR of 19%, according to a statement by the firm.

The GP is expecting the fund to close in Q1 2020, Unquote understands. As the vehicle is significantly larger than its predecessor, syndications with other debt providers will be less common than in Siparex Intermezzo. 

Electronic components and materials distributor Steliau Technology, recently bought by B & Capital, was one of the firms backed by Siparex Intermezzo.

The Intermezzo team, based in Paris and also in Lyon since July this year, is planning to hire more staff.

In parallel, Siparex is also actively fundraising for other strategies: the GP is preparing to launch Siparex ETI 5 in 2020 and is also marketing Entrepreneurs 3 fund, with the aim of gathering €60m by next year, Unquote sister publication Mergermarket reported in July. 

Investors
The fund has been backed by new investors, including French and European institutional and family offices. Half of commitments to date were made by funds-of-funds, one-third by institutional investors and 20% by high-net-worth individuals, including several managers that backed the first Intermezzo vehicle.

Investments
Intermezzo 2 will provide a range of debt products for SMEs ranging from junior mezzanine to unitranche.  Around 15-20% of the vehicle will be invested outside France, most likely in Italy and Germany.

Four out of five investments are expected to be sponsorless transactions, Unquote has learned. Siparex Intermezzo had not provided unitranches, however the second vehicle might do so for a minority of investments. 

The fund will invest tickets of €3-15m in businesses generating a turnover in the €20-300m range. Its first sponsorless transaction of €15m was recently signed, according to a statement.

Siparex is open to co-investments with its LPs.  

People
Siparex – Richard Dalaud, Nicolas Eschermann (members of the executive committee).

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