NiXEN misses €300m target for second fund

The vehicle was launched in 2010 with a €300m target - it reached a €100m first close in October that year. Faced with increasingly difficult fundraising conditions, NiXEN eventually lowered its expectations to a more modest €150-160m target as the process went by, the GP told French publication Capital Finance.

Once part of Natixis's private equity arm, NiXEN span off in 2010. The management company was wholly acquired by the team, while AXA Private Equity became the sole sponsor of the NiXEN I fund.

Investors
NiXEN II attracted commitments from institutional and private investors, from both Europe and North America. Several of the institutional LPs will have the opportunity to co-invest directly alongside NiXEN on future transactions.

Investments
NiXEN invests as a lead investor in buyout transactions, providing €10-50m per deal. It targets French businesses valued in the €50-500m range.

The fund has already made four investments. The latest - the €50-100m SBO of home construction group Babeau Seguin - was completed in November 2011. NiXEN financed two bolt-ons for the business since then.

The GP also provided additional equity to finance the acquisition of iconic UK toy store Hamley's by its portfolio companie La Grande Récré last September.

People
NiXEN's nine-strong team is headed by president Jean-Paul Bernardini.

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