Demeter 2 secures EUR125m first close

01 November 2008

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Fund

Demeter Partners has held a first close of its EUR200m fund Demeter 2 on EUR125m. The fund will seek to hold a final close before the end of 2008. The fund has a hard-cap of EUR250m. Demeter 2 takes over from its predecessor Demeter, which closed in October 2006 on EUR105m and is currently 75% invested. Legal advice for the fund is provided by Brunswick & Associes.

Investors

Of the investors that participated in Demeter's previous fund, 80% have returned with more significant contributions. Geographically, between 70-80% of investors will be from France with the remainder from the rest of Europe. Investors in Demeter 2 include two sponsors (CDC Entreprises, IFP Investissement), new investors Total, Credit Cooperatif and Dahlia as well as returning investors from the first Demeter fund including Robeco, Cardif, CIC and CNP.

Investments

Like Demeter's previous fund, Demeter 2 will be used to make expansion investments with 20% of the capital reserved for early-stage investments and 20% for majority investments. Demeter will focus the fund on ecological industries including water, waste and recycling, and also ecological energy sources such as renewable energy, committing half the new fund to these areas. The fund will allocate tickets of between EUR5-15m per transaction with a view of completing between 25-30 deals in total. Demeter will deploy around 50% of the fund in France but there will also be an important focus on investments in Spain and Germany.

People

The fund will be managed by Sophie Paturle, Michel Ronc, Stephane Villecroze, Lionel Cormier and led by Olivier Dupont. Philippe Brunswick represented Brunswick & Associes.

Name: Demeter 2

Target: EUR200m

Focus: Expansion

Contact: Olivier Dupont

Address

23, rue de L'Arcade

75008

Paris

Tel: +33 1 43 12 53 33

Fax: +33 1 43 12 53 30

Adviser

Brunswick & Associes (Legal).