Andera closes ActoMezz IV in excess of €500m

The final close exceeded the original hard-cap, with the fund being raised during the coronavirus lockdown. The target was set at €450m, and was reached in the space of 16 weeks, the firm said in a statement.

It is the largest vehicle raised to date by Andera, exceeding the generalist Winch Capital 4 vehicle, which the GP closed on €445m in December 2018.

ActoMezz IV is also significantly larger than the previous ActoMezz vehicle. Launched in January 2017 with a target size of €250m, the ActoMezz III fund closed on €315m in May 2017, surpassing its hard-cap.

Andera (then Edmond de Rothschild Investment Partners (EdRip)) acquired ActoMezz, a French mezzanine debt and minority equity provider, from fund manager ACG Capital in 2016. Two years later, the management team and employees of EdRip acquired the 51% stake in the firm previously owned by Edmond de Rothschild Group, and rebranded as Andera Partners.

The firm said it was on track to raise more than €1bn in 2020 across its various strategies.

Investors
LPs in ActoMezz III re-upped in the new fund at a rate of 110%, according to the firm. Around 10 new investors joined them, comprising a mix of French and overseas institutional investors.

Investments
The fund will follow a similar strategy to the previous ActoMezz efforts, targeting tickets of €5-70m to back sponsorless MBOs. It will mainly focus on French SMEs, but is not excluding cross-border deals, notably in Benelux, Italy and Spain.

The ActoMezz team has made more than 50 investments since inception, realising 34.

People
Andera Partners – Stéphane Bergez (ActoMezz managing partner).

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