Ixo holds first close on €85m

The first closing amount represents more than 70% of Ixo 3's €120m target.

The fund's predecessor, Ixo 2, ended its investment period in July this year and has already returned 68% of committed capital to its LPs.

Advisory firm Axonia Partners is assisting the fundraising effort.

Investors
Alongside the investors of Ixo 1 and 2, Ixo 3 saw new LPs commit prior to its first close. BPI France, Axa France (via former private equity arm Ardian), CNP Assurances and Crédit Agricole have all contributed to the vehicle.

Investors in the fund also include banks, insurance firms, public bodies, funds-of-funds, family offices and high-net-worth individuals.

Investments
Ixo 3 will follow in the footsteps of its predecessors, investing in companies located in the south of France. The fund is not sector-focused, however unquote" data shows that the firm has focused largely on the healthcare and technology industries.

The vehicle plans on supporting its portfolio companies through both organic and acquisitive growth. The firm typically invests between €500,000-10m per company.

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• iXO Private Equity