€30m first close for TCR Capital

The GP is aiming to close France Transmission I on €60m. This will be the first small-cap effort for TCR Capital, which usually invests in lower mid-cap buyouts. The firm stated it was the result of LP appetite for this market segment, which it contractually couldn't cover with its previous vehicles.

TCR's previous vehicle, TCR Capital Partners III, closed on €160m in 2008. It is reportedly invested at 50%.

Investors
The €30m of commitments are understood to have been provided by historical TCR LPs. French bank Crédit Mutuel Arkéa confirmed it had invested "significantly" in the FCPR vehicle.

Investments
France Transmission I will target LBO transactions in French businesses valued at less than €25m - TCR's previous vehicle targets companies valued in the €25-100m range.

It will take majority stakes in its portfolio companies, providing equity tickets of up to €6m.

People
The fund will be managed by a separate team within TCR Capital, headed by ex-3i Julien Vagner.

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