Argos Soditic fund V passes target

The Geneva-headquartered buyout firm has passed its €250m target for Euroknights V, raising €267m for its second closing.

Swiss private equity firm Argos Soditic has held a second close of its fifth European buyout fund, Euroknights V, at €267 million ($341 million), passing its original target for a final close of €250 million.
 
According to Argos Soditic, a hard cap of €275 million has been agreed with limited partners. The buyout firm said that a final close is expected “shortly”.
 
No placement agent was used for the fundraising for Euroknights V. SJ Berwin provided legal advice.
 

Semmens: step up in fund size but same investment strategy as before

The hard cap for Euroknights V is a significant increase on funds III and IV, which closed on €107 million in 1996 and €144.5 million in 2000 respectively. Argos Soditic said that fund IV was fully invested by December 2005 in 14 transactions, of which four have been fully realised to date.
 
Guy Semmens, a partner in the Geneva office of Argos Soditic, said in a statement: “Euroknights V will be a natural step up for Argos Soditic both in terms of size and volume of transactions, while maintaining the investment strategy which we have been successfully implementing in recent years.”
 
As with the previous vehicles, Euroknights V will target small to mid-sized companies with revenues of  €20 million to €400 million, predominantly in France, Switzerland and Italy.
 
The majority of commitments to Euroknights V came from previous investors in the fourth fund. The firm said that major institutions made up 90 percent of the LP base, including 65 percent from pension funds, insurance companies and state funds and 24 percent from funds of funds.
 
In terms of geography, 73 percent of commitments came from Europe, 18 percent from the US and the remainder from the rest of the world.
 
Argos Soditic said in a release that Euroknights V has already closed its first investment with the management buyout of Driver, a French point-of-sale business, for an undisclosed sum. A second investment in an Italian company is expected to be announced imminently.
 
Founded in 1989, Argos Soditic has offices in Geneva, Paris and Milan. The firm is wholly owned by its five partners Semmens, Edoardo Bugnone, Matteo Carlotti, Louis Godron and Gilles Mougenot.