Newfund 1 holds first close on EUR63m

01 October 2008

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Fund

Newfund Management, the new private equity company created in 2007 by Francois Veron and Patrick Malka, has held the first close of its maiden fund Newfund 1 on EUR63m. The vehicle is expected to gather EUR80m with a hard cap of EUR100m.

Investors

Of the EUR63m raised thus far, 60% of the allocated total came from entrepreneurs and company leaders while 40% came from family offices. Antoine Bello, founder of Ubiqus, Benoit Habert, president of Habert Dassault Finance and Gregoire Lassalle, director general of Allocine, all invested and will be part of the fund's strategic management. Other participating high-net-worth individuals included Bernard Bourigeaud, founder and ex-CEO of Atos Origin, and Jacques Veyrat, director general of Louis Dreyfus and ex-President of Neuf Cegetel.

Investments

The fund will seek to make growth capital investments in innovative French small to mid-cap companies. The capital will be used to finance the turnaround operations and fund development of companies through minority equity stakes. The investments will be focused on the entertainment and service industry. Newfund 1 will invest in around 20 companies without financial leverage. Each allocation will be between EUR500,000 and EUR6m which can be increased to EUR10m if investors in the fund chose to co-invest.

People

The fund will be managed by founders Francois Veron and Patrick Malka with two more directors soon to join the company. Patrick du Pre de Saint Maur worked for ATFIS as the funds placement agent. Philippe Brunswick and Sandra Zuker of Brunswick Societe d'Avocats provided the fund with legal advice.

Name: Newfund 1

Target: EUR80m

Contact: Francois Veron

Address: 124 Bd Haussmann,

75008 Paris

Tel: +33 1 42 93 43 21

Advisers

ATFIS (Placement agent).

Brunswick Societe d'Avocats (Legal).