Ciclad closes fourth fund

Ciclad, a French small-cap private equity firm, has closed its fourth fund on €120m three months after it was launched, and surpassing its €100m target. Ciclad 4 will invest between €2m and €12m in French companies worth between €5m and €50m. The focus will be on business-to-business, traditional investments.

Investors in the fund include Candover, Credit Agricole, HarbourVest, LGT Capital Partners, Martin Currie and SVG Capital. The Ciclad management teams has invested €6m.

One investment has been made so far, €5m for a management buy-in of Matest, a blinds maker.