Idinvest reaches €60m first close

The fund is targeting €100m, which it aims to reach before summer 2014, and was initially launched at the beginning of this year.

The firm's recent fundraising efforts follow the closing of its Idinvest Dette Senior debt fund on €281m, surpassing its €250m target in July this year. 

Investors
The fund attracted commitments from Bpifrance, which invested €15m, as well as Allianz France - an existing investor. Other investments came from blue-chip insurance companies and family offices.

The Lagardère Group has invested €11m and will be an active partner in the new fund. This partnership approach follows similar models deployed in Idinvests' life science fund, which is supported by GlaxoSmithKline, and its Cleantech fund in association with energy giant EDF.

All of the investors so far are based in France, so for the next leg of fundraising, the fund will target international investors. It is not using a formal placement agent to support its further fundraising efforts, instead the fund will make use of less formal support from local contacts in each destination.

Investments
The fund will focus entirely on growth investments in the digital and new technology sectors, including web-based, media, mobile, e-commerce services and software, in France and across Europe.

Idinvest will aim to make investments of between €5m and €10m, however, as the fund will invest in parallel with French tax relief scheme, the Fonds Common de Placement dans l'Innovation (FCPI), its investing power will be bolstered to writing equity cheques of up to €15m.

The fund will seek minority stakes of around 25% in target companies.

People
Christophe Bavière and Benoist Grossmann are Idinvest's managing partners.

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• Topics
• Fundraising
• France
• Technology
• IDInvest Partners (AGF Private Equity)