XAnge's XPansion 2 reaches €32m first close

XAnge is ultimately looking to raise €80m for the FCPR vehicle before Q1 2014. The fund's predecessor, XPansion, was launched in 2006 and closed on €50m in early 2008.

Management fees for XPansion 2 were set at 2%, with a 7% hurdle and a 20% carry. These rates stood at 2.25%, 6% and 20% respectively for the first XPansion fund.

SJ Berwin was retained as legal adviser to XPansion 2.

Investors
The fund is sponsored by La Banque Postale, which also holds a majority stake in XAnge. CDC Entreprises also contributed towards the first close – the state-backed entity was already an LP in the first XPansion fund.

Investments
XPansion 2 will aim to make around 15 investments across its lifetime, both in equity and convertible bonds. It will target profitable French businesses with a turnover in excess of €5m and usually valued in the €5-50m range.

The vehicle will invest €2-6m per deal with a €3.5m sweet spot should the fund ultimately close on €70m. The average investment for the previous XPansion vehicle stands at €2.7m per deal.

People
With three offices in Paris, Lyon and Munich, XAnge is headed by chairman Hervé Schricke.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Venture
• France
• XAnge Private Equity