Acto Mezzanine stages final fund close at EUR187m

Fund

Acto Mezzanine has reached the final closing of Acto Mezzanine FCPR at EUR187m, ahead of its EUR150m target. Placement agent Montpensier began fundraising in October 2006 for this FCPR, which held its first close on EUR171m in Q4 2007 (September 2007, Page 08). Subscription conditions were described as standard, with management fees set at 2%, carry at 20% and hurdle around 8%. SJ Berwin provided legal advice.

Investors

Insurance company Groupama committed approximately 40% of the fund's total, while the balance was mainly brought by French institutional investors, most of which were also insurers. A number of funds-of-funds, banking institutions and family offices also contributed to the fund.

Investments

Acto Mezzanine FCPR will focus mainly on secondary management buyouts of enterprises with a value ranging from EUR20-150m with the aim of making the buyout managers majority shareholders. The fund will make 20-25 investments of between EUR5-12m primarily in the French lower mid-market. Around 70% of the fund's value will be invested in mezzanine of which half will be sponsorless and the remainder being provided as equity to accompany mezzanine investments. To date, the vehicle has made six investments to the tune of EUR60m, an amount which was evenly split between the two sponsorless deals, Legallais-Bouchard and Delpharm, and the four sponsored deals.

People

Acto Mezzanine is managed by a team of six investment professionals headed by Eric Gallerne and Serge Palleau.

Name

Acto Mezzanine

Closed on

EUR187m

Focus

Mezzanine (sponsorless)

Contact

Eric Gallerne, Serge Palleau

Address

Acto Mezzanine

Finama Private Equity

157 Boulevard Haussmann

75008 Paris

France

Tel: +33 1 44 56 71 75

acto@finama-pe.fr

Advisers

Montpensier (Placing agent)

SJ Berwin (Legal).

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• Topics
• Mezzanine
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