Industries & Finances Partenaires closes third fund on €135m

The fund surpassed its original target of €125m, having launched in June 2012 and held its first close in January last year on €60m.

Its predecessor held a simultaneous launch and first close in July 2005 with €60m in commitments and a target of €100m. IFI 2 held its final close on €110m.

According to unquote" data, IFI 3 is aiming to achieve returns of around 3x initial investment to keep in line with the firm's previous funds.

To date, IFP has executed 15 buy-and-build projects, each of which typically involve three to six bolt-ons per portfolio company. According to the firm, revenues for IFP's portfolio companies have increased by an average of 17.5% per year through the investment period, including 6% through organic growth.

Ashurst provided legal advice to the fund, according to unquote" data.

Investors
The main subscribers of IFI 3 are CDC Enterprises, CNP Assurances, Idinvest, Axa France, Akina and the European Investment Fund.

LPs based outside France make up 60% of the fund's commitments.

According to unquote" data, at the time of the fund's first close around 85% of commitments came from LPs in IFP's existing funds, with 50% of the €60m raised being supplied by international investors.

Investments
Like its predecessors, IFI 3 will focus on a buy-and-build strategy, taking majority stakes in companies that operate within fragmented sectors and have enterprise values of up to €50m.

People
Emmanuel Harlé and Pierre Mestchersky are the founders of IFP.

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• Topics
• Buyout
• France
• France
• Buy-and-build