Pechel accrues two-thirds of EUR150m target

01 April 2008

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Fund

Pechel Industries Partenaires has held a second close of its new fund, Pechel Industries III, with total commitments of EUR101m. Pechel Industries III was launched in September 2007. The fund has a target of EUR150m and a hard-cap of EUR180m, with a final closing planned for June 2008. Pechel is being placed by Matrix Private Funds Group.

Investors

Investors in the new fund include funds-of-funds, international pension funds and family offices. The Worms, Agnelli and Arnault families who founded Pechel as a private investment vehicle in 1995 have invested in the new fund. New limited partners have also been welcomed into the fund such as a number of American and Belgian investors. Currently around half of the amount is from French investors.

Investments

Pechel Industries III will continue the successful strategy of the previous two Pechel funds, investing in development capital and LBO transactions in small to mid-sized French companies. The fund will target equity commitments of EUR7-20m per deal and will seek to make 10-12 investments for both majority and minority shares in companies. The fund completed its first investment in the French telecommunications and cable operator Completel.

People

John Gore, Bertrand Hainguerlot and Helene Ploix manage the fund for Percel Industries Partenaires. Charles Lemon worked as the placement agent for Matrix Private Funds Group.

Name: Pechel Industries Partenaires III

Second close: EUR101m

Focus: Buyouts, expansion

Contact: Jean Gore

Address: 162, rue du Faubourg Saint-Honore, 75008 Paris

Tel: +33 1 56 59 79 50

Advisers:

SJ Berwin (Legal)

Matrix Private Funds Group (Placement agent).