BlackFin Capital Partners has closed its BlackFin Financial Services Fund at €220m.
The vehicle was launched in December 2009 with an original target of €250m. The firm announced first closing in December 2008 at €60m. According to BlackFin, during challenging times for fundraising, small-cap sector-driven investment strategies are particularly relevant.
The vehicle has a lifespan of eight years, with two possible one year extensions, and has an investment period of four years. Carry and hurdle were described as in line with industry standard.
The vehicle attracted interest from a range of European institutional investors and family offices, with 50% from financial institutions, 40% from funds-of-funds and 10% from family offices. Two thirds of the investors are based in France and one third in other European countries.
BlackFin's strategy is to take influential stakes in financial sector SMEs across continental Europe. The firm intends to sponsor successful management teams by providing them with growth capital and operational and investment expertise.
The fund's first three investments have already been completed, namely in a provider of processing services to French insurance companies, Owliance, electronic wallet and prepaid payment cards operator Moneo and provider of prepaid payment card solutions Applicam.
BlackFin has recently announced it will take, along with co-investors, a minority stake in Kepler Capital Markets. The investment is pending regulatory approval.
Gide Loyrette Nouel (Legal).
Lazard acted as placement agent. BlackFin Capital Partners is the fund manager.
E-commerce business has made several add-ons since Emeram bought a majority stake in 2015
Fund invests in Nordic companies operating in the consumer, industrial and business services sectors
Insight Venture Partners previously led a €56m funding round early last year
Price led the strategic debt finance and capital structure advisory teams at Lloyds