Activa Capital has beaten a target of E150m by closing its latest mid-market private equity fund at E162m.
Activa Capital Fund FCPR was raised without the use of a placement agent, which the firm said emphasised ‘strong and transparent relationships’ with its investors. The fund was backed by a range of European institutions, with Hermes Pensions Management a cornerstone investor. Other backers included AG2R, Partners Group, Proventure, and Scottish Widows.
The firm said 35 per cent of commitments came from pension funds; 24 per cent from insurance companies; 23 per cent from family-office investors; and 17 per cent from fund of funds.
The fund will focus on French management buyouts and growth capital investments in the lower mid-market. Equity investments will typically range from E5m to E20m across a broad range of sectors.
Earlier in the year, the first two investments from the fund were completed: the buyout of Vivactis, a French leader in pharmaceutical marketing services, from SR Teleperformance; and the acquisition of Mont Blanc, the French dessert brand, from Nestle. The firm said a third investment is currently the subject of exclusive negotiations.
Activa is led by the firm’s four partners: Michael Diehl, former director of French equities with UBS Warburg; Charles Diehl, co-founder and joint manager of Barclays Private Equity France; Jean-Louis de Bernardy, former supervisory board president at NatWest Equity Partners France; and Phillippe Latorre, ex director of Paribas Affaires Industrielles.
“Our successful fundraising reflects investors’ increased appetite for country funds focused on the lower mid-market,” said de Bernardy. Charles Diehl added that he was grateful to have attracted ‘leading institutional investors and family offices’ because of their experience as long-term private equity investors.