Activa holds €200m first close

The French firm, which came to market in June, aims to collect €320m for its Fund III.

Activa Capital, a Paris-based mid-market firm, has held a €200 million first close on its third buyout fund, according to a source familiar with the matter.

The firm, which came to market in June targeting €320 million, held the first close just before Christmas, the source said. It is unclear whether the fund has a hard-cap.

Activa declined to comment on fundraising.

It is understood the majority of commitments to the fund come from existing investors, though the firm has attracted some new limited partners. Activa is not using a placement agent and is expected to wrap up fundraising in the next few months.

Activa’s Fund III has the same target as its predecessor, a 2007-vintage fund which is understood to have had a 100 percent re-up rate.
LPs in Fund III include the Finnish Local Government Pensions Institution (KEVA), Hermes GPE, Scottish Widows Investment Partnership, Graphite Capital and Mandatum Life Insurance, according to Private Equity International's Research & Analytics division.

Fund II has 10 portfolio companies, including Gaz Européen, an independent alternative gas distributor in France, which Activa backed in early December 2013.

Activa invests in mid-sized French companies with enterprise values between €30 million to €200 million. The firm has €500 million of funds under management, according to its website.