Eurazeo closes Idinvest Private Debt V on EUR 1.5bn

The vehicle was launched in 2019. According to Unquote Data, it went on to hold a first close on €200m in December 2019.

Its predecessor, Idinvest Private Debt Fund IV, closed in May 2018 with total commitments of €715m, above the fund's €600m target. The close followed shortly on from Eurazeo's acquisition of a majority stake in Idinvest in February that year.

Eurazeo said it is already planning the launch of its next vehicle, Eurazeo Private Debt VI, given the "buoyant environment and strong pace of investment".

Eurazeo's current private debt programme now totals EUR 2bn, with the Idinvest fund adding to an existing EUR 500m in private debt fund investments and investment mandates. Overall, the firm's private debt team has EUR 5bn in assets under management.

While it reported delays in terms of its fundraising pace in 2020 due to the coronavirus outbreak, Eurazeo went on to enjoy a strong year in the end – earlier this year, the firm announced it had raised €2.8bn from its investors across 2020, recording an 18% increase on the capital collected in 2019.

Eurazeo has continued its busy streak into 2021; most recently, the firm held a final close for its third growth fund on EUR 1.6bn, surpassing its EUR 1bn target.

The GP also raised EUR 1bn for its secondaries programme in July 2021, as reported. In addition, Eurazeo launched Eurazeo PME IV in May 2021, as reported; the fund focuses on mid-market businesses with enterprise values of EUR 50m-500m.

Earlier in the year, in February, Eurazeo raised EUR 340m in additional commitments for a newly created continuation fund for its growth strategy, as reported. The fund was to acquire a 32% stake in Eurazeo Growth's assets, with Eurazeo holding the remaining 68% and receiving cash proceeds of EUR 215m while netting a 25% IRR on the investments.

Investors
The firm said the fundraise benefited from re-ups by several of Eurazeo's long-standing investors, in addition to attracting new LPs. More than 70% of the fund's investors are located outside France.

Investment
Eurazeo's private debt team arranges senior or subordinated debt for European SMEs valued at between EUR 30m and EUR 300m.

Private Debt V is already deployed at nearly 80% of total commitments – more than half of that was invested in 15 companies outside France, including Avenga (Germany), SAS (Spain), Pepe Parts (the Netherlands) and Ylda (Italy).

People
Eurazeo – François Lacoste (managing partner and head of Private Debt); Eric Gallerne (managing partner).

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• Topics
• Funds
• Credit/Special Situations
• France
• Eurazeo
• IDInvest Partners (AGF Private Equity)