French private equity firm Pechel Industries Partenaires has reached a final close on its third fund, Pechel Industries III, with a total of €165m raised.
The Paris-based lower mid-market investor will target development capital and LBO opportunities in its home country.
The fund attracted investment from fund-of-funds, pension funds, and family offices from both Europe and the US.
Hélène Ploix, president and senior partner at Pechel, said: “Our investment process has always been very disciplined, and this will be even more important in the current economic cycle. However we continue to see very interesting opportunities in the market, and we are cautiously optimistic about the future.”
The closing of Fund III – which was launched in September 2007 and held a first closing in February this year – means Pechel now has almost €300m under management. Since its founding in 1996, it has invested over €200m in 20 deals, the most recent coming earlier this year through the acquisition of telecommunications and cable operator Completel.