• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Funds

Azulis closes MMF 6 on EUR 280m

  • Rachel Lewis
  • 12 January 2022
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

French private equity firm Azulis Capital has held a final close for its sixth fund, Middle Market Fund 6 (MMF 6), on EUR 280m.

The GP says MMF 6 will take minority or majority positions with tickets of EUR 10m-20m in high-growth companies valued at EUR 20m-120m.

The fund also has an underwriting capacity of up to EUR 50m in equity with the support of co-investing LPs.

MMF 6

  • Target:

    EUR 250m

  • Closed on:

    EUR 280m

  • Focus:

    Health, food, business services, consumer

  • Fund manager:

    Azulis Capital

Azulis partner Pierre Jourdain told Unquote that the fund will make around 15 investments, five or six a year, in four key sectors: health and personal services; food and beverages; business services; and new consumer.

The GP will look solely at France for the health and food sectors, but may look elsewhere for business services and consumer. It has the option to invest up to 20% of the fund capital outside of France for primary investments.

In healthcare, the fund is looking at services including clinics, elderly care homes, and home care.

MMF 6 is already 22% deployed, having invested in four companies in 2021 for an aggregate amount of EUR 60m. These deals were for vocational training provider Orsys; primary packaging distribution company Fidel Fillaud; natural personal products manufacturer La Phocéenne de Cosmétique; and a reinvestment in homecare services business Destia.

Jourdain said Azulis's MMF V fund did fully exit Destia when it sold to Siparex in September 2021, but the new majority owners brought back in co-investors, so MMF 6 took a less than 10% stake.

Azulis held a first close for MMF 6 in January 2021 on EUR 200m.

Its predecessor, MMF V, closed in April 2017 on EUR 215m. MMF V invested in health, agriculture, consumer, and business support services. It targeted businesses with EVs of EUR 15m-150m, providing equity tickets typically in the EUR 10m-15m range.

MMF V is now fully deployed and has about EUR 10m in dry powder left to help make add-on acquisitions.

Azulis also says the fund has a strong ESG angle. It has opted for Article 8 of the SFDR (Sustainable Finance Disclosure Regulations), meaning it has measurable objectives on environmental and social commitments.

Jourdain said the GP wants to help transform the impact of small-cap investments. "They still have a long route in terms of their ESG journey."

Investors
Azulis says that existing investors, institutional investors, family offices and owner-managers were all keen to invest. New institutional investors and private individuals have also subscribed to the fund. Around 15% of the fund is private individuals, including management of prior portfolio companies.

Jourdain said that around 85% of earlier investors reinvested in MMF 6. The split between old and new investors is 65/35.

The GP has invested roughly EUR 4.3m in the fund and it carries the usual management T&Cs.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Funds
  • Fundraising
  • Azulis Capital

More on Funds

Fund closes in US dollars
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • Funds
  • 05 September 2023
Bettina Curtze of Redalpine
Redalpine expands leadership team amid CHF 1bn-plus fundraise

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • Venture
  • 31 August 2023
Andris K. Berzins of Change Ventures
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • Funds
  • 31 August 2023
Fund launches in euros
Iron Wolf Capital targets EUR 70m for second vehicle

Baltic investor anticipates early 2024 launch and will focus on early-stage AI and deeptech startups

  • Funds
  • 30 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013