French growth capital firm Edmond de Rothschild Investment Partners has raised €175m for the first closing of Winch Capital 2, already beating the size of its previous fund by €10m.
The fund has only been on the road for three months, and aims to hold a second closing in October on €200m before a final closing at the start of 2010 on €250m.
French assurance groups CNP and MACSF have all decided to re-up, alongside pension and life insurance group Swiss Life. New investors include Caisse des Dépôts – through the France Investissement program targeting French SMEs – BNP Assurances, OFI Private Equity as well as several high net worth individuals.
Winch Capital 2 will invest minority stakes in companies where the owners/ entrepreneurs hold significant stakes and who wish to grow their business. It will target those making a profit, generating revenues of between €20m and €250m, investing between €5m and €15m in each company.