Amundi PEF launches second Megatendances programme

Amundi PEF is looking to raise €500m for the programme, which is structured into several vehicles to attract both retail and institutional investors, Unquote understands.

The fund will target a gross IRR of 18% per transaction.

The first Megatendances programme raised €320m this year, against a target of €250m. The first-generation programme has been used in 18 transactions to date with around three quarters of the capital called as of October 2019; its deals include DL Software, Crosscall and WiFirst.

Investors
The fundraise will be open to retail clients, via a network of French banks and life insurance providers, until December 2020. Unquote understands that Amundi PEF is looking at a similar timeframe to raise capital from institutional investors.

Minimum commitments for retail clients start at €100, and Amundi PEF is aiming for that compartment to top out at €200m, with the rest of the capital raised coming from institutional investors.

Investments
Megatendances II will follow a strategy similar to its predecessor. It will take active minority stakes in growth capital and buyout transactions of private SMEs in France (at least 50% of deployment) and in the rest of the eurozone (maximum 50%). Target companies will generate revenues of €20m-1.5bn with an EBITDA of more than €3m. The average investment ticket will be €10-50m per transaction.

The portfolio will aim to include between 15-25 companies in total. The businesses will have to demonstrate they benefit from the impact of five global trends identified by Amundi: technology, demographic change, environment, globalisation, and social changes.

On the ESG side, portfolio companies will be selected based on ESG-SRI requirements during the due diligence process, and an ESG-SRI rating will be updated yearly throughout the lifespan of each investment.

People
Amundi PEF – Stanislas Cuny (head of direct private equity).

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