Keensight Capital aiming to raise €200m by year-end

This will be the first fund raised by the GP, which was formerly known as R Capital, since becoming independent from the Rothschild group in November 2013. Keensight is believed to be aiming for a final close before the end of 2014.

The firm will look to attract commitments mainly from European institutional investors such as pension funds, insurers and banks. Former parent Rothschild is also understood to be backing the new fund, the source added.

The vehicle will be the fourth managed by the firm since its inception as R Capital around 15 years ago. Keensight's funds are understood to have generated an overall IRR in excess of 40% since 2000.

Keensight will take minority and majority stakes, with or without leverage, in profitable European companies that generate revenues of €10-150m. Equity tickets will sit in the €5-30m range and the GP will focus on sectors such as media, technology and healthcare.

Keensight declined to comment on its fundraising efforts.

The firm acquired a majority stake in Smile Open Source Solutions earlier this year as part of a management buyout alongside existing investor Edmond de Rothschild Investment Partners. A few weeks later, the GP took part in the buyout of Menix Group alongside LBO Partners and existing backer Turenne Investissement.

On the exit front, Keensight divested its stake in Rome-based Octo Telematics, a provider of telematics services and systems for the insurance and automotive market, when the company was bought by Russia's Renova Group for €405m in February.

Keensight also recently promoted investment director Philippe Crochet to become the firm's fourth partner, joining Jean-Michel Beghin, Jérôme Pujol and Pierre Rémy.

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