Trocadero holds €120m first close for third fund

The vehicle, launched a few months ago according to a statement, is nearing its €150m target.

Like its predecessors, the fund will follow the 2-8-20 standard and is aiming to generate a 10% IRR, according to a person familiar with the situation. 

Its predecessor, Trocadero Croissance & Transmission II, held a €90m first close in 2014 and a €120m final close in June 2019. 

Investors
Historic investors have significantly increased their commitment and were joined by new LPs, according to a statement. Around 90% of commitments came from institutional LPs, while 10% was from high-net-worth individuals, Unquote understands.

BPI France was a backer of the fund's predecessor.

Investments
With its latest fund, Trocadero will keep backing transactions related to capital reorganisation (notably sponsorless transactions) and minority equity acquisitions or bond financing, aimed at fuelling external and organic growth.

The fund will provide tickets of €4-15m in each transaction, mainly in primary operations, targeting companies with an EV of €20-150m, based both in France and in neighbouring countries. It has already been deployed in two businesses: Telstar and Birchbox, both backed at the end of last year.

People
Trocadero Capital Partners – Philippe Bruneau (CEO); Benjamin Fougerat, Nicolas Gagnez (managing directors).

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