XAnge holds EUR50m final close of XPansion

01 April 2008

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Fund

XAnge Private Equity has held the final close of its first capital development fund XPansion at EUR50m after it was launched in July 2006. XAnge held a first close at EUR35m in October 2006 (November/December 2006). Subscription conditions are considered standard with a minimum contribution of EUR100,000 for private individuals and EUR500,000 for institutional investors. Management fees are set at 2.25%, carry at 20% and a hurdle rate of 6%. Sarrau Thomas Couderc provided legal advice.

Investors

The fund was backed by returning French investors La Banque Postale, AGF, CDC and CNP Assurances, MACIF, Mutuelle Generale, Actys 2 and the XAnge Partners, who brought a combined 77% of the total invested sum. Joining these investors were three international investors: Belgium-based KBC Asset Management and Moroccan firms CNIA Assurance and Caisse Interprofessionelle Marocaine de Retraites (CIMR) which provided the remaining subscriptions to the fund.

Investments

XPansion will take minority stakes in profitable French companies in all sectors with an enterprise value between EUR5-50m and more than EUR5m turnover. The fund will typically commit between EUR3-4m in pre-IPO companies investing in restructuring and expansion deals. The fund has already completed two deals in 2007 with the acquisition of minority stakes in both TVH and IPS which came to a combined investment of EUR5.3m; this represents around 10% of the fund.

People

XPansion will be managed by a team of six investment experts headed by Herve Schricke and Francois Cavalie. Frederic Bucher provided legal advice on behalf of Sarrau Thomas Couderc.

Name: XPansion

Target: EUR50m

Focus: Expansion

Contact: Francois Cavalie

Address: XAnge Private Equity, 12 rue Tronchet, 75008 Paris, France

Tel: +33 1 53 43 05 30

Fax: +33 1 53 30 02 25

Advisers: Sarrau Thomas Couderc (Legal).