Ace Management in €150m first close for Aerofund III

Aerofund III is the third vehicle in the Aerofund family, managed by Ace since 2005. The fund's predecessor, Aerofund II, was closed on €90m in 2008.

Investors
The capital secured at first close was solely provided by state-backed investor CDC Entreprises (acting under the FSI France Investissement programme) as well as aerospace businesses including Airbus, Safran, EADS and Eurocopter.

Investments
Like its predecessors, Aerofund III will focus on SMEs operating in the aerospace sector and generating a turnover of less than €500m. However, this latest vehicle will be able to invest up to 20% of its capital outside of France, will consider turnaround situations and will be able to take majority stakes in its portfolio companies.

People
Thierry Letailleur is president of Ace.

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