Idinvest closes second digital fund on €140m

Domiciled in Paris, Idinvest Digital Fund II was launched with a €100m target and reached a first close on €60m in October 2013. The current €140m figure falls short of the fund's undisclosed hard-cap.

Idinvest, which worked with law firm Clifford Chance when setting up its new fund, chose a typical 10-year plus two one-year extensions lifespan.

The vehicle follows Idinvest Digital Fund I, which has generated 3.5x returns and distributed 222% of invested capital to its investors, according to Idinvest. The firm revealed it has plans to launch a new growth capital fund at an undisclosed date.

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Investors
The fund has attracted commitments from more than 30 predominantly French institutional investors, with a minority coming from European countries, including Spain. This LP base includes BPI France, which has committed more than €22m to the fund since its launch, and industrial groups Lagardère and Up – the former having contributed €11m by October 2013.

Also backing the vehicle are a number of family offices, banks and insurance companies, including Allianz France, Idinvest's parent group until 2010 and cornerstone investor for the fund alongside BPI France and Lagardère.

Investments
Idinvest Digital Fund II targets growth capital investments in start-ups in the digital, internet, telecommunications and e-commerce sectors – both in France and elsewhere in Europe. The GP envisages that the fund will provide equity tickets of €3-5m for series-A rounds, and €6-7m to be deployed in series-B rounds.

The vehicle is already generating returns, according to the GP, having deployed 30% of its commitments via investments in 10 companies. These include social media software developer Synthesio, cellular network operator Sigfox and consumer search engine Twenga.

In addition, two deals are currently in the pipeline for the fund before the end of 2015, according to Idinvest. 

People
Christophe Baviere and Benoist Grossmann are managing partners at Idinvest Partners, while Matthieu Baret is partner at the French GP. Having already bolstered its team with new hires upon the fund's €60m first close, the firm does not foresee any further additions for the time being.

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• Topics
• France
• Venture
• Technology
• France
• IDInvest Partners (AGF Private Equity)
• Start-up
• Unq2015June