Emertec holds €50m first close for latest fund

The GP's previous fund, Emertec 4, was closed on €60m in 2008. This latest vehicle will follow a similar investment strategy and Emertec is aiming for a final close in the region of €55-60m within the next 12 months.

Investors
Emertec 5 has already received commitments from a mix of state-backed and corporate investors. State fund BPI France contributed €23m via the Fonds National d'Amorçage vehicle. The European Investment Fund had also backed the fund at first close.

On the corporate side, Emertec received commitments from GDF Suez, Areva, Siclaé and Unigrains.

Investments
Emertec 5 will invest equity tickets of up to €5m in 15-20 start-ups throughout its lifespan. The fund targets companies operating in the environmental technology sector and has already made an investment, announced earlier this week: Emertec provided half of a €1.8m round for Ynsect, a French biotech focusing on large-scale insect farming for research purposes.

People
Bernard Maitre is chairman of Emertec.

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