Azulis Capital holds first close for latest vehicle

The GP is aiming to raise €200m, with a hard-cap set at €250m. Azulis received €225m of commitments for its Fund IV in 2010, while Fund III raised €265m in 2005.

Azulis will continue working with placement agent Acanthus to broaden its LP base outside of France, while independent adviser Michel Delouvrier will help reach French investors.

The GP expects to reach a final close before the end of 2015, and is confident its sector focus and emphasis on build-up transactions can attract interest from international investors.

Investors
The vehicle's LP base currently consists predominantly of investors in previous Azulis funds. Institutional investors include the European Investment Fund and BPI France, as well as several insurance companies.

Around 15% of the LP base consists of individual investors, including entrepreneurs and managers involved with some of Azulis's past portfolio companies.

Managing partner Michel Rowan spoke to unquote" prior to the fund's launch. At the time, Rowan said Azulis was looking to broaden its LP base, both in France and across Europe.

Investments
Fund V will keep to Azulis's established strategy, providing €8–15m per deal, focusing on French mid-market businesses valued in the €25–80m range. Azulis will continue to focus on the industrial, agro-food, retail and healthcare services sectors, with a mix of buyout transactions and growth capital.

The GP is looking to complete around 15 transactions via the fund, down slightly from previous vehicles.

People
The new fund will see a changing of the guard at the GP, as four founding partners are due to retire by 2016. Three founders – Yann Collignon, Pierre Jourdain and Christine Mariette – will stay with the firm and play a more prominent role, supported by the other two partners, who joined the GP more than a decade ago.

One new partner is set to join the team in the coming weeks, and more junior appointments could also be made before year-end.

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• Topics
• France
• Buyout
• France
• Azulis Capital
• Unq2015Mar