Euromezzanine’s Fund 4 has first close

The French mezzanine house has already garnered over E300m for its latest fund.

Euromezzanine Conseil, the Paris-based mezzanine fund manager, has confirmed a first close for its latest Euromezzanine 4 fund at over €300m.

Launched earlier this year [May 2002], the fund had a first close in late September with two key investors, BNP Paribas and Natexis Banques Populaires, increasing their commitments from Fund 3. The placement agent working on the new fund is Credit Agricole Indosuez.

The firm said that it expects to exceed the original final target of €400m for the fund, but were keen to have a first close on account of Fund 3 already being fully invested. Launched in December 1999 this fund is now invested in 20 companies.

The new fund will be used to underwrite mezzanine tranches of between €5m and €80m in companies with an enterprise value ranging from €50m to €500m. Now 12 years old, Euromezzanine has completed over 80 mezzanine deals, 54 of which have already been realised.