Montefiore targets €180m for third fund

Montefiore is currently aiming to reach a first close before the summer.

The firm closed its previous vehicle, Montefiore Investment II, on €120m in early 2009. It is now 70% invested. Montefiore will start investing from the new fund when the second vehicle is fully invested.

The GP raised its first fund in 2005. It will now look to benefit from the current LP appetite for both lower mid-cap opportunities in general and for managers following focused growth strategies.

Montefiore's investments to date have generated an average gross IRR of around 30%.

ELM Capital is acting as placement agent for the fund, while Dechert was mandated as legal adviser.

Investors
Existing Montefiore LPs have already confirmed interest for 50% of the new vehicle. In addition, Montefiore has added to its LP base a European bank and a US-based fund-of-funds.

With its third effort, Montefiore is also looking to expand its LP base to international investors, whereas French LPs contributed to around 90% of the previous vehicle.

Investments
Montefiore will keep to its buy-and-build strategy of French lower mid-cap businesses, focusing on locally supplied services. It intends to build around 10 platforms through this latest fund.

People
Montefiore's 10-strong team is headed by president Eric Bismuth.

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• Topics
• France
• Buyout
• France
• Montefiore Investment