Ixo 3 fund reaches €150m hard-cap

Ellie Pullen
30 January 2015

Tweet
Facebook
LinkedIn
Google plus
Send to

Ixo Private Equity has held a final close for the Ixo 3 fund on its hard-cap of €150m, one year after reaching a €85m first close.

The firm held an interim close for the fund in July last year when it exceeded its target of €120m to reach €130m.

The fund had held a first close in December 2013 on €85m. At the time, the vehicle had received commitments from all LPs of the Ixo 1 and 2 funds.

Axonia Partners aided Ixo in the fundraising process.

Investors
All LPs from Ixo's first and second funds have reinvested in fund 3. LPs include BPI France, Ardian, CNP Assurances and Crédit Agricole.

The vehicle has also seen several new European investors including funds-of-funds, pension funds, insurance firms, banks, family offices and high-net-worth individuals.

Investments
Ixo 3 invests €3.5-15m in companies predominantly based in the south of France.

The fund has already made five investments, equivalent to around €35m invested or 20% of the fund's capital.

Fund 3's portfolio to date comprises clothing business Olly Gan, biscuit maker Groupe Poult, veterinary laboratory Ceva Santé Animale, retailer of discount household appliances Groupe MDA and mineral water company Mont de Lacaune.

People
Renaud du Lac is the founder and president of Ixo.

Advisers
Axonia Partners, Alain Bourissou, Alexandre Alfonsi (Placement agent); Cabinet Brunswick et Associés, Mireille Mull-Jochem (Legal); EY, Frank Astoux (Tax).