First close for ISAI's second FCPR fund

ISAI is looking to close the fund on more than €40m by the end of 2012. The GP, founded by French internet entrepreneurs including PriceMinister founder Pierre Kosciusko-Morizet, intends this sophomore effort to help grow mid-sized internet businesses that are not traditionally a good fit for more traditional VCs.

ISAI closed its first vehicle, ISAI Développement, on €35m in October 2010. The maiden fund targeted internet businesses still in seed stage, while ISAI Expansion will aim for more established companies requiring larger equity tickets.

Investors
The majority of the 70 software and internet entrepreneurs that were already committed to ISAI's previous fund contributed to ISAI Expansion – they were joined by several other entrepreneurs.

On the institutional side, Crédit Mutuel Arkéa and CDC Entreprises renewed their commitments to this new vehicle – they contributed to a third of the capital raised and were joined by publishing company Groupe Amaury.

Investments
ISAI Expansion will invest €1-5m of equity in mid-sized French internet businesses over its lifetime. It is aiming to complete around 15 transactions as a lead investor.

People
ISAI's team is led by president Jean-David Chamboredon. The fund will primarily be managed by newly-appointed deputy chief executive Pierre Martini.

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