Butler Capital Partners held a single close of its France Private Equity III fund at €320m. The fund, which was targeting €300m, was quickly oversubscribed after officially launching in April.
France Private Equity III attracted a number of new investors to supplement commitments from existing investors. Around 50% of the commitments came from North American investors, about 40% from European investors and 10% from Asian investors.
Of the funds raised from new investors, the majority of the commitments came from prominent foundations and endowments. “We believe this serves as a strong reinforcement of our specialised strategy within the French private equity market,” said Walter Butler, managing partner of BCP.
The fund will target control positions in companies with enterprise values in the range of €50m–€300m and will be an active investment partner.
MVision Private Equity Advisers acted as global placing agent, and Clifford Chance acted as legal counsel to Butler Capital Partners.