Latest Ixo fund still open, already over €120m target

Ixo held the first close of the Ixo 3 fund on €85m in December, having received commitments from all the LPs that invested in the firm's Ixo 1 and 2 funds. The latter ended its investment period in July this year and had already returned 68% of committed capital to its LPs as of December last year.

The fund is still open to commitments; Ixo has not yet set a date for the final closing, unquote" understands.

Advisory firm Axonia Partners was assisting Ixo on the fundraising effort at the time of the first close.

Investors
BPI France, Axa France (via former private equity arm Ardian), CNP Assurances and Crédit Agricole have all contributed to the vehicle.

Investors in the fund also include banks, insurance firms, public bodies, funds-of-funds, family offices and high-net-worth individuals.

Investments
Ixo 3 will follow in the footsteps of its predecessors, investing in companies located in the south of France.

The vehicle plans on supporting its portfolio companies through both organic and acquisitive growth. The firm typically invests €500,000-10m per company.

Ixo 3 has already made four transactions and is 20% invested. Ixo took stakes in Olly Gan, Groupe Poult and Ceva Santé Animale, and stated it had also invested in an unnamed mineral water business.

People
Renaud du Lac is the founder and president of Ixo.

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