XAnge closes Capital 2 fund on €62m

Ellie Pullen
10 July 2014

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XAnge Private Equity has held the final close of its XAnge Capital 2 fund on €62m, just surpassing its €60m target.

The vehicle is the second from XAnge to focus solely on the digital economy. It has a lifespan of 10 years, with a five-year investment period, plus two possible one-year extensions.

XAnge Capital 2 held its first close in December 2011 near to its €60m mark, having already received commitments from several investors in its previous fund.

Its predecessor was launched in January 2003 and closed just four months later on its €50m target. La Poste contributed 34% of the amount raised, according to unquote" data. Allianz France, CNP Assurances, Deloitte, Alten and Neopost all invested in the earlier fund.

Investors
XAnge founder and shareholder La Poste and La Banque Postale have together committed €22m to the fund. Previous institutional investors that have subscribed include BPI France, Allianz France and CNP Assurances.

XAnge Capital 2 has also seen previous corporate investors Deloitte, Alten and Neopost commit capital. New corporate backer Aéroports de Paris has committed €5m to the vehicle.

Overall, the fund received commitments from six corporate backers. The only new LPs in the fund are La Banque Postale and Aéroports de Paris.

Investments
The fund will take minority stakes in technology companies, providing equity tickets in the €3-4m range to young businesses with turnover of €1-20m. It will invest in all stages from first-round to pre-IPO, with some seed funding rounds in certain cases.

XAnge Capital 2 will focus its investments on B2B, B2C and C2C companies within internet security, mobile, enterprise software and banking services.

The fund has already made investments in TheCurrencyCloud, Prestashop, Odoo, TagCommander, Dolead, Evaneos and Studitemps. It hopes to make 20 investments overall.

People
Hervé Schricke is the CEO of XAnge.