Andera Partners holds EUR 450m first close for Andera MidCap 5

Rachel Lewis
16 May 2022

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French private equity firm Andera Partners has held a first close for its fifth MidCap vehicle on EUR 450m.

Andera MidCap 5 has a target of EUR 600m and succeeds Winch Capital 4, which closed in December 2018 at EUR 445m.

It is an Article 8 fund under the SFDR Regulation, promoting environmental and social characteristics as part of its investment strategy.

The GP said that the 15 exits completed by the Winch Capital 3 and 4 funds generated an average multiple of 3.3x.

Recent exits for the MidCap team include Minafin, a Belgian fine chemical developer and manufacturer, after it sold its minority stake during a fresh equity financing round; and Infra Group, a Belgian network services provider for the infrastructure sector, which it sold to ICG.

Andera also has life sciences, expansion/growth and infrastructure funds.

Investors
Andera MidCap 5 is backed by existing LPs Société Générale Assurances, BNP Paribas Cardif, Bpifrance, MACSF, CNP Assurances and Ardian, while also attracting new French and international investors.

Investments
The GP's MidCap investment strategy deploys tickets of EUR 25m-100m, mostly in French primary transactions.

Andera is a generalist investor but says it has specific expertise across five industries: B2B services, especially energy services and maintenance; technology; healthcare, cosmetics and speciality chemicals; niche industries; and financial services, particularly brokerage and real estate asset management.

The MidCap team has the ability to take majority or minority stakes and outside of France looks especially to Belgium and Italy. It will continue to build partnerships with managers holding significant stakes in their company, in order to support build-ups, international expansion and transformation.

People
Andera Partners – Laurent Tourtois, François-Xavier Mauron, Antoine Le Bourgeois, Pierre-Yves Poirier. Sylvain Charignon (partners, MidCap team).