Partech closes Partech Growth on €400m hard-cap

Alice Tchernookova
28 June 2016

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Partech Ventures has held a final close for its Partech Growth fund, having hit the €400m hard-cap.

The announcement comes a few months after the fund surpassed its €375m target after receiving a €75m joint commitment from the European Investment Fund (EIF) and French and German state-backed investors BPI France and KfW. Partech had then announced work was underway to reach the €400m hard-cap in early 2016. Prior to that, Partech had held a first close on €200m in January 2015.

Launched in January 2015, the France-based vehicle was raised in response to a dearth of European investment in technology and digital companies that have already achieved significant revenue generation.

The GP said its original aim was to raise a €300m fund, which was then increased to €400m following strong demand from both LPs and startups.

With Partech Entrepreneur Fund providing seed capital, Partech International Venture Fund for early-stage deals and Partech Growth for growth-stage venture, Partech Ventures aims to cover the entire funding chain for start-ups.

Investors
Partech Growth received support from European insurance companies and institutional investors, as well as international industry investors and entrepreneurs.

LPs in Partech Growth Fund include BPI France and KfW, EIF, CNP Assurances, AG2R La Mondiale and industrial groups Carrefour, Ingenico Group and Renault.

Investments
Partech Growth intends to invest between €10-50m in fast-growing technology and digital companies that have already achieved significant revenues.

Partech Growth has so far invested €120m in five European and US tech companies: Brandwatch and Made.com in the UK; FreedomPop and RockYou in the US; and M-Files in Finland.

People
Partech Ventures – Omri Benayoun, Bruno Crémel, Mark Menell (general partners).