Mirabaud Lifestyle Impact & Innovation holds €56m first close

The vehicle, which was launched in January 2020 with a €200m target, focuses on investments in sustainable businesses operating across the lifestyle and consumer goods industries.

The fund is managed by partner David Wertheimer, who has specific expertise and experience in the fashion industry, alongside head of private equity Renaud Dutreil and deputy head of private equity Luc-Alban Chermette.

"The positioning of our strategy has always been oriented towards new consumption patterns, which have only been reinforced by the current global economic trends," said Wertheimer. "The companies we are targeting have business models aligned to the consumer behaviours and expectations of today and tomorrow. The lifestyle industry is evolving and is increasingly incorporating personal wellbeing and innovation, while consumers are demand­ing improved values from companies and brands – such as social links and environmental consciousness."

This is Mirabaud's second theme-based private equity strategy, following the launch of its debut vehicle, which targets established businesses in the luxury consumer and lifestyle sector. The fund held a final close in December 2018 on €150m.

Mirabaud Asset Management is the investment arm of Mirabaud Group, an independent wealth and asset management group established in 1819.

Investors
Mirabaud Lifestyle Impact & Innovation has exceeded its €50m target. The fund attracted a wide pool of LPs from Europe, Latin America, the Middle East and Asia. Its investor base is primarily composed of family offices and institutional investors.

Average commitments are €10-30m from institutional investors, while smaller tickets are committed by family offices and private investors.

The firm's previous vehicle had a base of 30 LPs, comprising private and institutional investors. The GP commitment was 1% and the vehicle offered co-investment opportunities from €1m.

Investments
Mirabaud Lifestyle Impact & Innovation targets brands active in the ready-to-wear, beauty and cosmetics, jewellery and watches, accessories, health, and lifestyle sectors.

It looks for companies with a distinctive approach, different from traditional business models – demonstrated by differentiated product offerings and distribution channels, as well as imaginative customer experiences. The brands must also display strong messages in relation to authenticity and values, particularly in social and environmental engagement and responsibility.

In addition, the fund plans to invest in B2B companies within the digital lifestyle space, which can capitalise on evolving tech trends in the fashion-tech and retail-tech ecosystems.

The vehicle deploys equity tickets of €10-20m per investment, with the option for LPs to co-invest to provide larger equity tickets. It takes majority and minority stakes, investing in a maximum of 20 businesses, including 5-10 early-stage companies.

The fund plans to complete three investments before the end of the year.

People
Mirabaud Asset Management – Renand Dutreil (head of private equity); David Wertheimer (partner).

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