EdRIP in EUR175m first close of Winch Capital 2

01 September 2009

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Fund

Edmond de Rothschild Investment Partners (EdRIP) has held a first close of its new fund Winch Capital 2 on EUR175m. The fund will seek to hold a second close at around EUR200m in October 2009 and a final close in early 2010 at between EUR200-230m, with a hard-cap of EUR250m. Winch Capital 2 was initially launched in April 2009 and has only taken three months to complete its first closing. The new fund takes over from the EUR165m Winch Capital 1 fund raised in December 2005 which is currently 91% invested. Candela Capital acted as placement agent for non-domestic investors.

Investors

The first closing sees the return of investors such as CNP, MACSF and Swiss Life from the previous fund as well as a number of new investors such as Caisse des Depots (EUR15m), BNP Assurances (EUR20m), OFI AM and a number of family offices. 45% of the investors included in the first closing were insurance companies (12% from abroad), 18% was contributed by funds-of-funds, 15% by banks (11% of which was from Rothschild), 12% from pension funds and 10% from family offices and private individuals. The EdRIP team have contributed 0.5% to the fund total.

Investments

Following the previous fund, Winch Capital 2 will invest in growth capital deals. Winch Capital will aim to take significant stakes of around 20% in French SMEs with turnovers ranging from EUR20-250m. The fund will commit EUR5-15m per investment and will not rule out small leveraged acquisitions. The fund will seek to make around 20 investments in total - one or two in 2009, with greater activity anticipated for 2010 and 2011.

People

Pierre-Michel Passy leads a team of seven investment professionals who will put the fund to work.

Name: Winch Capital 2

Target: EUR200-230m

Focus: Expansion

Contact: Pierre-Michel Passy

Address: 47 rue du Faubourg Saint Honore, 75008, Paris

Tel: +33 (1) 40 17 70 38

Advisers: Linklaters (Legal), Candela Capital (Placement agent).