Andera Partners raises €445m

The French investment company closes first fund since becoming independent.

Winch Capital 4 has held a final close at €445 million, representing the first fund closed by the firm since it became Andera Partners in March. The fund will continue the firm’s strategy of investing in the lower mid-market, primarily in France. It will invest between €12 million and €50 million of its own capital and will structure financing rounds of up to €80 million.

Winch Capital 4’s first investment in July 2018 was in the Skill & You group, dedicated to distance learning in France.

Many repeat investors contributed to the fund, including the EIF, BPI France, Sogecap, BNP Paribas Cardif, UMR, MACSF, Euro PE, Swen.

Andera Partner’s latest fund is 50 percent larger than its predecessor, Winch Capital 3, which closed at €300 million in September 2014.