Siparex closes MidCap II fund on €130m

The fundraising process was initiated in March 2011 and the fund held an interim close on €120m in January this year. The remaining €10m were committed by Idinvest Partners and a Canadian investor.

Siparex MidCap II has a 10-year lifetime and terms & conditions follow the "2-8-20" industry standard. No placing agent was required during the fundraising process. Cabinet Ratheaux acted as legal adviser to the fund.

The fund's predecessor, Siparex Midcap I, closed on €124m in 2006. The vehicle has since then invested in 22 transactions. Six subsequent divestments have allowed it to generate a 25.1% gross IRR and a 2.5x money multiple.

Investors
Institutional investors contributed to 75% of the vehicle's overall commitments. French bank Crédit Agricole is the largest institutional LP, investing via its network of regional agencies. It contributed €40m, equivalent to a third of the fund's overall commitments. Other institutional investors include Siparex Associés and CDC Entreprises. Family offices contributed the remaining €30m. Existing Siparex investors provided 85% of the capital raised.

Investments
Siparex Midcap II will follow its predecessor's strategy of investing in mid-market buyouts and growth capital transactions. It is aiming to complete 20-25 deals over its lifetime, investing €2.5-10m per transaction in businesses valued in the €10-40m range.

The vehicle will be able to invest up to 20% of the committed capital outside of France.

People
Bertrand Rambaud and Benoit Métais will be heading the fund's activities.

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• Topics
• France
• Buyout
• Siparex
• France