Latour Capital III holds final close on €1bn

Latour Capital III held a first close in December 2019, hitting its initial target of €800m, and continued its fundraising activity with the aim of reaching its hard-cap.

The vehicle is three times the size of its predecessor, a €300m vehicle raised in 2015, and is much larger than Latour's debut fund, which collected €115m in 2012. 

Latour Capital I generated a total value to paid-in multiple of 2.7x and a distributions to paind-in multiple of 2.2x. Latour Capital II recently realised its first exit, selling Syclef, a refrigeration systems manufacturer, to Ardian.

As with the Latour Capital I and II fundraisings, Jasmin Capital acted as the exclusive placement agent for Latour Capital III.

Latour specialises in investments across the French private equity mid-cap segment and has more than $1.5bn in assets under management. The firm is headquartered in Paris and is managed by a team of four partners, including founders Cédric Bannel and Philippe Leoni.

Investors
The fund built an LP base composed of more than 30 LPs, including French and international institutional investors, sovereign wealth funds, funds-of-funds, family offices and foundations.

The vehicle was oversubscribed and received strong support from its existing investors, reaching a reinvestment rate of 150%.

It also attracted several new LPs from the US, the Middle East, Japan and Australia.

Investments
Latour Capital III pursues the same strategy carried out by its two predecessors, focusing on majority operations and spin-outs of large companies, mainly based across France, with enterprise values of €50-300m.

At least 50% of the fund will be invested in France. As for the remaining capital, up to 50% can be allocated in eurozone countries and up to 25% outside the eurozone.

The average equity ticket deployed by the fund amounts to €100m per investment.

Latour Capital III has already inked its first few deals. It acquired insurance broker Santiane from BlackFin Capital for an estimated €200m enterprise value in October 2020.

Furthermore, this month it invested in the spin-out of two Solvay chemical ingredient businesses specialised in celestite, barite and sodium percarbonate production, with plants in Germany and Mexico.

People
Latour Capital – Cédric Bannel, Philippe Leoni (founding partners).

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