BlackFin holds €300m second close

The interim close comes seven months after the fund held a first close, having raised €160m on its way to a €350m target. The vehicle focuses on asset-light financial services investments across continental Europe.

BlackFin's swift fundraise stands in contrast with its previous vehicle, the €220m Financial Services Fund I, which fell short of its €300m target.

Investors
FSFII's current commitments have been raised from investors in BlackFin's first fund, including BPI France and Unigestion, as well as new institutional investors such as the European Investment Fund.

Investments
The new fund will follow the same strategy as its predecessor, investing in asset-light companies in the continental European financial services sector.

The new vehicle will make around 12 investments of €5-30m in small to medium-sized companies with an enterprise value of up to €100m, particularly in France, Germany, Italy and Switzerland.

BlackFin said possible targets include firms in asset management, institutional and retail brokerage, insurance and banking products distribution, debt management and collection, fund administration, business process outsourcing and financial technology.

People
Laurent Bouyoux is the managing partner of BlackFin.

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