Butler Capital Partners (BCP) has reached a first and final close of E320m on France Private Equity III. The fund, which was targeting E300m, was quickly oversubscribed after officially launching in April this year.
With over 14 years of investing experience, BCP is a France-based firm specialising in majority investments in underperforming companies and turnarounds situations.
France Private Equity III has attracted a number of new investors to the fund, as well as continued support from its existing investor base.
Around 50% of commitments came from North American investors, around 40% from European investors and around 10% from Asian investors. Of the funds raised from new investors, the majority of the commitments came from prominent foundations and endowments.
The fund will invest in companies with enterprise values in the range of E50m and E300m.
Walter Butler, managing partner of BCP, said: “I am extremely pleased by the results of this efficient fund raising and by the support that MVision provided throughout. Our objective to add top quality, long-term investor relationships to our existing distinguished names was successfully met. We believe this serves as a strong reinforcement of our specialised strategy within the French private equity market.”
MVision Private Equity Advisers acted as exclusive global placing agent. Clifford Chance acted as legal counsel to Butler Capital Partners.