B & Capital holds final close for maiden fund on €217m

The GP launched the fund in Q2 2017 and held a first close for the vehicle on €90m nine months ago. The hard-cap for the fund was set at €250m.

A spokesperson for B & Capital confirmed to Unquote at the time of the first closing that the investment period should be around five years and that the GP has set a 2% management fee, a 7% hurdle and 20% carry.

B & Capital is a private equity firm set up in 2016 and sponsored by consultancy Roland Berger, which is a minority investor in the GP. A portion of the carry will be given to Roland Berger for its services supporting the allocation of capital.

The GP's investment team is composed of former Omnes Capital members Philippe Zurawski, Bertrand Tissot and Mikaël Schaller.

Investors
Backers of the fund at the time of the first close included institutional investors such as BPI France and Ardian, alongside a few banks and an insurance company, family offices and other private investors. Some of the individual investors include members of the management team of Roland Berger who agreed to contribute a minimum of 5% to the total amount of capital raised.

Swen Capital Partners and Caisses de Retraite de Profession Libérale have also made commitments since then, Unquote has learned. 

Investments
The GP will make equity investments in French companies with enterprise values of €20-100m, aiming to turn them into mid-cap businesses in the long run. The firm will focus on a buy-and-build strategy and will foster the companies' international expansion. It will target a dozen investments and will offer support from a network of Roland Berger professionals.

The fund will focus on companies operating in six sectors: business services, health, distribution, technology, specialised industries and environment.

To date, it has backed five France-based companies: HR Team, Deveryware and EVA Group (February), Nedap (July) and Steliau Technology (September). The fund is currently 40% deployed, a source familiar with the situation told Unquote. 

People
B & Capital – Philippe Zurawski, Bertrand Tissot (partners); Mikaël Schaller (director); Bernard Arock (general secretary).

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