Artemid closes maiden debt fund on €345m

José Rojo
06 October 2015

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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.