21 Partners holds EUR210m first close of fourth fund

01 September 2009

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Fund

Franco-Italian buyout house 21 Partners has held a first close of its fourth French private equity fund, 21 Centrale Partners IV, on EUR210m with commitments of EUR250m. The fund hopes to hit its hard-cap target of EUR500m in Q4 2009.

Investors

50% of investors in the first close are returning contributors while the remaining half of subscribers to the fund are new investors. Backers included funds-of-funds, insurance companies, family offices, banks, and pension funds from Italy, Switzerland, Luxembourg, the Netherlands, UK, Finland, Denmark, the US and Japan. 20% of the EUR250m comes from French investors.

Investments

21 Centrale Partners IV will make 10-15 investments of EUR20-50m in buyouts of France-based international companies. The targets will typically have an enterprise value of EUR50-300m. The fund will seek to take majority stakes in companies and would consider leading co-investments. The first closing will allow the fund to make its first investment, in the Arjowiggins deal set to be completed after the summer.

People

The fund will be managed by 21 Centrale Partners' team of 22 investment professionals. Paul Morel acted as legal adviser to the fund for Salans.

Name: 21 Centrale Partners IV

Target: EUR500m

Focus: Buyouts

Contact: Gerard Pluvinet

Address: 21 Centrale Partners, 9 Avenue Hoche, 75008, Paris, France

Tel : +33 1 56 88 33 00

Fax : +33 1 56 88 33 20

Advisers: Salans (Legal).