EdRCP closes second buyout fund on EUR300m

29 January 2008

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Fund

Edmond de Rothschild Capital Partners has held the first and final close of its second LBO fund ERLF II on its hard-cap of EUR300m. After five months of fundraising, the vehicle was reportedly significantly oversubscribed. The subscription conditions on the new fund are very similar to those of ERLF I. The fund was placed by placement agent International Private Equity Limited, while SJ Berwin provided legal advice.

ERLF I, which raised EUR210m in October 2004, is now 81% invested and has already returned 50% of total investor commitments from three exits, with seven remaining deals either in portfolio, or to be completed.

Investors

Two-thirds of ERLF II's commitments came from existing investors. New investors include BP Pension Fund, Gartmore and Lehman Brothers Funds of Funds.

Pension funds provided 25% of the fund's total value, funds-of-funds 25%, insurance companies 21%, financial institutions 19% and family and corporate investors 10%. Foreign LPs represent 45% of commitments. Cornerstone investor LCF Rothschild contributed EUR30m.

Investments

ERLF II will take majority stakes in French companies with values between EUR30-200m, mostly in the retail, B2B distribution, services, healthcare and media sectors, making unitary equity investments of EUR10-60m. Edmond de Rothschild Capital Partners will seek to benefit from synergies with Rothschild's private banking business.

People

Edmond de Rothschild Capital Partners' team comprises seven investment professionals, led by Erick Fouque and Eric de Montgolfier. Four additional investment executives are currently being hired.

Name

Edmond de Rothschild LBO Fund II

Closed on

EUR300m

Focus

Buyouts

Contact

Eric de Montgolfier, Erick Fouque

Address

Edmond de Rothschild Capital Partners

47 rue du Faubourg Saint-Honore

75401 Paris