Archimed, a new France-based GP set up by former 3i executives, has held a first close on €100m for its maiden healthcare-focused fund, Med I FIA.
The vehicle has a €120m target and is being raised with the help of placement agent Triago.
Archimed was set up at the end of last year by Denis Ribon, the former global head of healthcare at 3i, as well as three members of his former team. Ribon had been on gardening leave since mid-December 2013 but was allowed to start raising the vehicle, which officially held its first close at the beginning of April.
Med I FIA has so far attracted 15 institutional and private investors from across the globe.
Archimed's maiden fund will focus exclusively on the European healthcare space, targeting subsectors such as medtech, biopharma and healthcare providers. The fund will mainly invest in lower mid-cap leveraged buyout transactions with equity tickets in the €5-15m range. It will only target profitable businesses.
The firm stated it was already working on several transactions in France, Switzerland and the UK. According to one of the founders' LinkedIn profile, Archimed will look to complete around 15 investments over its lifespan.
Denis Ribon, Vincent Guillaumot, Cédric Berger and David Piccoli are the co-founders of Archimed.
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