Sign in
- You are currently accessing unquote.com via your Enterprise account.
  
  If you already have an account please use the link below to sign in.
  
  If you have any problems with your access or would like to request an individual access account please contact our customer service team.
  
  Phone: +44 (0)203 741 1137
  
  Email: Georgina.Lawson@acuris.com
  - Sign in
Follow us
- Twitter
- LinkedIn
Free Trial
Subscribe

Artemid closes maiden debt fund on €345m

José Rojo
06 October 2015

Tweet
Facebook
LinkedIn
Google plus
Send to

Artemid, a debt arm set up jointly by Capzanine and Amiral Gestion in 2014, has closed its maiden debt fund on €345m, with commitments from 15 institutional investors.

Headed by Capzanine and Amiral CEOs Christophe Karvelis and François Badelon, Artemid initiated fundraising for its maiden vehicle with a €100m first close in October 2014. The amount was doubled when the fund hit the €200m milestone in a second close in March 2015.

At the time, Artemid stated it was targeting a €250-300m final close in Q3. Although the actual €345m figure exceeds that bracket, it remains below the €400m hard-cap that had been set when the fund was launched.

King & Wood Mallesons was mandated by Artemid for the fundraising process.

Investors
Artemid drew commitments from 15 large institutional investors. According to Artemid partner Annie-Laure Servel, the most significant contributors to the fund were insurance companies.

Nearly all the investors hail from France – the European Investment Fund is the only non-French LP.

Investments
Artemid injects senior debt into so-called entreprises de taille intermédiaire (ETI) – companies with a 250-5,000 workforce – looking to expand via bolt-ons or refinance their existing facilities. On average, the packages provided are expected to mature within five to seven years.

The fund will provide packages worth up to €30m for businesses with revenues in the €50m-1bn range. According to Servel, a focus will be placed on those generating a €10-50m EBITDA, although investments will be considered up to the €100m mark.

Artemid will look to support around 20 French companies across its 10-year lifespan. The vehicle will not prioritise any sectors in particular as the goal is to build a diversified portfolio, Servel said.

As of October 2015, the fund has already deployed a third of its capital after backing venue hire service Châteauform, office equipment seller Groupe Bruneau, fintech Linedata and transportation business Flash Europe.

People
Partners Fabrice Alliany and Annie-Laure Servel head up Artemid; the latter joined in February 2015. According to Servel, the team will be expanded via the hire of an additional junior professional in the coming months.