• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal 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
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • 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

Eurazeo PME IV holds 1bn close

  • Min Ho
  • 21 July 2022
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Listed Paris-headquartered GP Eurazeo has held a final close for its mid-market Eurazeo PME IV fund on EUR 1bn, doubling the size of its third fund, managing partner for small-mid buyout Olivier Millet told Unquote.

"What is super important with this new fundraising is that it demonstrate the capacity of Eurazeo, which was historically a balance sheet business, to transform itself into a third-party management business," Millet said.

Eurazeo PME III held a final close in 2017 after raising EUR 658m.

Eurazeo manages a range of other private assets strategies and its recent fundraising activity includes the first close at EUR 200m of the Sustainable Maritime Infrastructure Fund in May, as well as the launches of Eurazeo Capital V and Eurazeo Growth Fund IV.

Investors
The fund, which was launched in March 2021, has attracted asset managers, sovereign wealth funds and insurance companies and family offices. Institutional and private investor commitments make up 60% of the LP base, with the remaining 40% from Eurazeo's balance sheet. LPs previously represented 38% for the predecessor fund.

The geographical makeup of the LPs is mainly French, representing 64% of commitments. Other European countries stand at 24% of the share, with the remaining 12% from Asia.

Around 95% of the existing LPs have re-upped their commitments in the fourth fund, with some having increased their ticket size significantly, Millet said.

Investments
Eurazeo's fourth PME fund, which is led by three managing directors Erwann Le Ligné, Pierre Meignen and Benjamin Hara, will largely follow its predecessor in targeting French small to medium size businesses generating between EUR 10m to EUR 20m in EBITDA, Millet said.

Asset-light businesses will remain a core focus of the group and will be where it will find opportunities in areas such as technology, B2B services, healthcare and financial services. It will also consider consumer assets, but on a selective basis, he said.

Where the fourth fund will differentiate from previous vehicles is the increased capacity to invest in 10 to 12 platform companies, versus eight platform companies in previous strategies, he said.

Geographical diversification will also be a feature, with Eurazeo considering at least one to two platform companies in non-French markets such as Germany, Italy and Benelux, he said.

In addition, bolt-ons will be a more prominent feature of the fund, with 40% of the EUR 1bn capital earmarked for acquisitional growth, as opposed to the previous 20%-30% level for previous funds, he said.

Eurazeo has made nearly 100 bolt-ons to date for the 24 platform companies that the GP has invested via its PME strategy, he said.

Around 40% of the fund has already been deployed via five new investments: cybersecurity group i-Tracing; corporate legal automation tool DiliTrust; employee engagement platform WiiSmile; veterinary clinics chain Sevetys; and insurance broker Groupe Premium.

Eurazeo is in "no rush" to invest given its latest deployment progress, especially as it has two to three years remaining for its investment period, he said.

Its deployment progress also means that it can concentrate its efforts on monitoring and integrating its existing portfolio companies, bolt-on acquisitions and also exiting some of its remaining portfolio, Millet said. There are three to four potential exit candidates from the PME strategy in the coming 12-18 months, he added.

Recent disposals from the SME strategy include Orolia, which reaped a 3.7x money multiple; Vitaprotech, which was sold for 3.2x; and Intech Médical, which the GP exited for a 3x money multiple, he noted.

People
Eurazeo – Olivier Millet (managing partner for small-mid buyout)

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Funds
  • France
  • France
  • Eurazeo

More on Funds

Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
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
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
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
Iron Wolf Capital targets EUR 70m for second vehicle
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
Siena aims to hold new VC secondaries fund first close in late 2023 or early 2024
Siena aims to hold new VC secondaries fund first close in late 2023 or early 2024

Secondary investments specialist will target EUR 30m to EUR 50m for new fund

  • Funds
  • 29 August 2023

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

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

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

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

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

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

  • 31 August 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