Idinvest closes second senior debt fund on €400m

The fund was on the road for only three months, Idinvest CEO Christophe Bavière told unquote". Its structure is a Fonds Commun de Titrisation (FCT), like the firm's first IDS fund.

The firm hopes to fully invest the fund within 24 months – its predecessor was fully deployed within only 15, so the investment period maybe be even shorter.

Its holding period will run as long as the buyouts it has financed, said Bavière.

The close means Idinvest now has more than €1.2bn in assets under management for its private debt activities.

The fund's predecessor, IDS, held its final close in July last year on €281m, surpassing its original €250m target. The fund had launched in 2012 and held an interim close in May 2013 on €205m. IDS is now fully invested.

Investors
According to Bavière, the fundraising was a relatively easy process due to the majority of IDS's investors reinvesting in the new fund and upping their commitments.

The firm took in a limited number of new LPs for IDS II, preferring to largely keep its existing investor base from its first IDS fund.

IDS's LP base included several large French insurance firms.

Investments
IDS II will finance private equity buyouts across Europe, aiming at the small- to mid-cap market. It will deploy loans around the €20m mark in companies that are slightly too young or underdeveloped to be financed by listed bond issues, said Bavière.

While the focus of the fund is pan-European, its focus will remain largely on continental Europe and predominantly in France, Germany and the Benelux region.

IDS II will consider financing UK-based buyouts and will also start to look more at southern Europe. Bavière pointed out that the market there is beginning to open up again and shows promising signs of attractive opportunities, particularly in Italy and Spain where the export market thrives.

People
Christophe Bavière is the CEO of Idinvest.

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• Topics
• Funds
• France
• DACH
• Benelux
• Southern Europe
• UK / Ireland
• IDInvest Partners (AGF Private Equity)
• Senior debt