French buyout specialist Eurazeo has launched a €500m (US$629.45m) co-investment fund, holding a first closing on €345m.
Eurazeo Co-investment Partners will, as the name suggests, seek to enter into syndicates with other private equity funds. The firm claims this will increase its recurring revenues as well as streamlining the equity syndication process. A final closing is anticipated for the fourth quarter of 2006.
The new fund will invest 20% of its capital into new Eurazeo deals, alongside the firm’s existing investment. Europcar is the first beneficiary, the French car rental firm it acquired from Volkswagen for €3bn.
Investors in the fund include French and international banks and insurance companies.