Latour Capital reaches €115m final close

The GP held a first close on €60m in mid-2011, and was understood to have reached an interim close on €90-100m this summer. Latour Capital 1 was launched with a €100m target. According to Latour, subscription requests for the FCPR vehicle reached almost €200m.

Jasmin Capital acted as placement agent for the fund, while Orrick Rambaud Martel and Capital Lawyers were retained as legal advisers.

Investors
Latour Capital 1 attracted commitments from European and American institutional investors and family offices.

At the time of first close, the LP base was comprising 40% of individual investors and family offices, 30% of insurance companies and 10% of banks, with the remainder provided by public entity CDC Entreprises.

Investments
Latour targets French SMEs with a particular focus on non-core spinoffs and digital media companies. It invests in businesses valued in the €15-50m range, with equity tickets in the €5-15m range.

The GP has already completed two investments. It wholly acquired Proxiserve, along with Prochalor, Semcra and Thop - four business units of French utilities group Veolia Environnement - at the end of 2011. A few months later, it bought French job advertisement software developer Multiposting.

Latour is currently working towards completion for a deal in the nuclear engineering and oil sector. The fund will be invested at around 30% following this latest transaction.

People
Latour Capital was founded by three partners: ex-3i partner Cédric Bannel, former Spir Communication CEO Philippe Leoni and Alain Madelin, the former French minister of industry, finance and SMEs.

Jean- Christel Trabarel represented Jasmin Capital while Pierre-Yves Denez and Matthieu Chernet represented Orrick Rambaud Martel and Capital Lawyers respectively.

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