Naxicap closes second fund on EUR 856m

The vehicle is the second commingled fund raised by the France-headquartered group, with the first vehicle closed on EUR 500m in 2016.

With an additional EUR 700m in co-investments and specific mandates alongside the main fund, Naxicap secured aggregate commitments of EUR 1.5bn, taking its assets under management to EUR 5bn.

Campbell Lutyens acted as exclusive global placement agent on the fundraise, while Goodwin Procter provided legal advice.

A number of France-based GPs have raised sizeable funds so far this year, with Unquote recording nine final closes of buyout vehicles since January for aggregate commitments of EUR 14bn. This was led by the EUR 7.5bn Ardian Buyout Fund VII, as well as Apax France X closing on its EUR 1.6bn hard-cap. Tikehau Capital also held a final close for T2 Energy Transition Fund at EUR 1.1bn in February, while PAI raised EUR 920m for its PAI Middle Market Buyout Fund.

Investors
Naxicap Investment Opportunities II has secured commitments from a group of more than 25 international investors, including insurance companies, pension funds, funds-of-funds and family offices.

Naxicap said it broadened and internationalised its investor base for this second fund, partly thanks to the opening of a Frankfurt office in 2018. New-investor commitments totalling EUR 1bn came in over the past six months, the firm said.

Investments
The fund will stick to Naxicap's existing strategy of acquiring majority stakes in fast-growing European mid-cap businesses. The GP has already deployed around 70% of the committed capital through 13 investments across continental Europe. The sector breakdown to date consists of healthcare (50%), education (16%), tech (15%) and e-mobility (7%).

Notable deals include the acquisition of Stromer in Switzerland and Guntermann & Drunck in Germany. Investments in France include Lagarrigue, a global specialist in orthopaedic prostheses; Siblu Villages, an operator of owner-occupied holiday villages across continental Europe; nursing homes provider Emera; and Eureka, a private secondary and higher education group.

People
Naxicap Partners – Éric Aveillan (CEO); Peter Pergovác (managing director and head of sales).

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