Idinvest holds €715m final close for Private Debt IV

Since launching the fundraising process in 2016, the fund surpassed its initial target of €600m. It has so far invested 60% of its total commitments.

Fundraising took longer than expected – almost two years – mainly due to the fact that a lot of debt funds were on the road from September last year getting money and attention, Idinvest partner Eric Gallerne told Unquote. The process then accelerated in the beginning of 2018.

While Idinvest historically made most of investments in France, the investor is looking to operate as a pan-European GP. Germany accounts for at least one-third of investments from the fund, Gallerne said. This is a key reason it targeted non-French LPs during fundraising.

While the PE investor's third debt fund primarily conducted mezzanine deals, its fourth vehicle is aiming at unitranche financing. Out of the 17 transactions it has completed, the Private Debt IV fund has made two mezzanine deals, according to Gallerne.

The GP said it remained confident that the private debt market will continue to offer further opportunities, particularly in the European lower-mid-market segment.

The latest vehicle's predecessor, the Idinvest Private Debt III fund, was originally targeting a total of €300m and held a final close on €400m in June 2015.

Investors
Around 60% of the fund's investors are from outside France. It received commitments mainly from institutions and pension funds, with no family offices involved. Geographically the investor base comprises Germany, Italy, Benelux, Scandinavia, France and the Middle East.

Investments
The GP's fourth debt fund has so far invested 60% of its total commitments across 17 companies. As part of its fund strategy, the GP said it increased its geographical diversification across Europe, with around half of its deals arranged in 2018 so far located outside France.

Focusing on the European lower-mid-market segment with enterprise values of €35-250m, Idinvest's private debt team arranges primarily unitranche financings for tickets ranging from €10-75m.

People
Idinvest Partners – François Lacoste, Eric Gallerne (partners).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Debt
• France
• France
• IDInvest Partners (AGF Private Equity)