CIC Mezzanine closes third fund on €165m

The GP stated it had been able to attract significant commitments on the back of both its track record and the attractive risk/return profile of mezzanine in the current environment.

CIC Mezzanine launched the vehicle in January 2012 and reached a €63m first close three months later. The GP's previous fund, CIC Mezzanine 2, closed on €108m in 2009 and has so far made 20 investments.

SJ Berwin, represented by Arnaud David and Sylvie Vansteenkiste, acted as legal adviser to the fund.

Investors
CIC Mezzanine's funds are sponsored by French bank CM-CIC, but are also open to third-party investors. CM-CIC contributed €40m to the vehicle.

The remainder of the commitments came from private investors and family offices (around half of total commitments) as well as institutional investors. All LPs in the vehicle are France-based; previous CIC Mezzanine investors contributed half of the commitments.

Investments
CIC Mezzanine is aiming to provide mezzanine funding in the €3-20m range to French SMEs, without any sectorial preference. It mainly acts as a mezzanine arranger in a variety of transaction types, including LBOs of businesses valued in the €20-150m range.

CIC Mezzanine 3 will aim to complete 20-25 investments across its lifetime. The fund has already made five investments and has already deployed nearly a fifth of overall commitments.

People
CIC Mezzanine's five-strong team is headed by president François Petit.

 

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• Topics
• Mezzanine
• France
• France
• Mezzanine
• CM-CIC Capital Finance