Eurazeo Smart City II holds EUR 150m second close

The fund was launched in March 2020, according to Unquote Data. It held a first close on EUR 80m in February 2021.

Its predecessor fund held a final close in December 2016 on EUR 140m. The vehicle was fully deployed across 23 investments as of February 2021. It has made five exits, including the sale of Spain-based Glovo to Delivery Hero, as well as four IPOs.

Eurazeo Smart City I expects to exit two further portfolio companies via IPOs in 2022, the GP said in a statement.

The Smart City strategy focuses on the ongoing transition to sustainable cities – cities consume 78% of the world's energy and produce more than 60% of the world's greenhouse gases, Eurazeo said in a statement.

Eurazeo announced earlier in January 2022 that 2021 was a record year for fundraising across its private equity and private debt strategies, with EUR 5.2bn raised in total, as reported. The GP raised EUR 3.1bn for its private equity strategies, with EUR 1.1bn of this total raised across it growth and venture funds.

Investors
The fund is backed by institutional and corporate LPs from Europe and Asia. LPs that have joined the fund for its second close include the European Investment Fund (EIF), the Korean Venture Investment Corporation (KVIC), Momentum Venture Capital (SMRT), SCG and German utility company SWK.

At its first close, the fund was backed by LPs including car producer Stellantis, utility companies EDF and Mainova, French transport operator RATP, Total, Duisport, and Thai real estate developer Sansiri. Institutional investors including Pro BTP and several family offices also joined the LP base.

LPs in Eurazeo Smart City I included corporates such as EDF, Michelin Group and Total, as well as French rail operator SNCF, and institutional investors including insurance company Admiral and state fund BPI France.

Investments
The fund will invest in high-growth companies assisting with the transition towards more liveable and sustainable cities, focusing on the sectors of energy, mobility, logistics, buildings and industrial technology.

According to Unquote Data, the fund will deploy around two thirds of its capital in Europe and the UK, and one third in Asia and the US. The fund will invest at Series B and Series C stages, deploying equity tickets of EUR 2m-8m.

The fund has invested in six companies to date. Four of these are based in France: electric vehicle charging business Electra; reusable packaging company Pyxo; app-based property management service Witco; and e-merchant supply chain management platform Cubyn. The fund has also backed two Germany-based companies: e-bike sharing subscription service Dance, and door-to-door car-sharing teledriven vehicle fleet service Vay.

People
Eurazeo – Matthieu Bonamy (partner).

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