A year on from its launch French mid-market specialist Activa Capital has achieved a final close over-subscribed on its latest offering. Activa Capital Fund FCPR closed at €162m, exceeding its original target of €150m
The new fund was raised without the use of a placement agent. The fund brings together a wide range of predominantly European investors. Around 35% of investors are pension funds; 24% insurance companies; 23% family office investors and 17% fund-of-funds.
Hermes Investment Management is a cornerstone investor, committing to 25% of the fund. Other investors include AG2R, a French retirement fund, the Finnish Local Government Pensions Institution, funds managed by Partners Group, a European alternative asset manager, Proventure, a European fund-of-funds manager and Scottish Widows.
A typical equity investment by the fund would be between €5m and €20m with a particular emphasis on spin-offs from large groups within the business services, food and drink, media, retailing and manufacturing sectors.
Jean-Louis de Bernardy, a partner of Active Capital, said: “Activa Capital’s successful fund raising reflects investors’ increased appetite for country funds focused on the lower mid-market. Investors were also attracted to the combined 60 years experience of the Activa Capital team, which operates as an independent and yet highly institutional private equity partnership.”
The fund has already completed two investments; it’s acquisition of Vivactis, a French pharmaceutical marketing company, previously a subsidiary of SR Teleperformance and the acquisition of the Mont Blanc dessert brand from Nestle.