Exclusive: Idinvest closes Fund II on €214m

The fund, which held a €100m first-close last September, exceeded its €200m target.

Paris-based Idinvest Partners, the Europe-focused fund of funds, has raised €214 million for its first secondaries fund since spinning out of former parent Allianz in 2010.

Idinvest Secondaries Fund II (ISF II) exceeded the fund’s initial €200 million target, the firm said.

ISF II will follow the same strategy as the firm’s Fund I, raised when the group was AGF Private Equity, focusing on mature secondaries transactions in the European small and mid-market.

“We believe the mid-market still presents a sizeable, attractive and under-exploited segment of the much larger mainstream secondaries market,” Christophe Simon, Idinvest Partners’ head of secondaries, said in a statement.

Fund II began marketing in 2012 and held a €100 million first-close in September of 2013. It has already deployed approximately €67 million, purchasing LP stakes in SME-focused European funds.

French media conglomerate The Lagardère Group and former parent Allianz France are among the LPs in the fund, according to PEI’s Research & Analytics division.

Allianz contributed $40 million of capital but was not the single largest investor, PEI reported previously. Christophe Bavière, Idinvest chief executive officer, said 35 percent of ISF II’s commitments came from new LPs, including institutional investors and family offices from Europe, North America and Asia.

Idinvest is also raising two private debt funds of €300 million each; roughly one-third of each fund is expected to be deployed on the secondaries market.

For more news, views and analysis of the secondaries market, check out our brand new site SecondariesInvestor.com