Former Allianz captive raises €100m for secondaries

French private equity group Idinvest, formerly the in-house arm of investment bank Allianz, has held a €100m first close on its new secondaries fund.

Paris-heaquartered Idinvest Partners has supplemented its range of private equity funds with a dedicated secondary investment vehicle.  

Idinvest Secondary Fund has held a first close with €100 million in commitments, the firm said in a statement on Friday. It is targeting around €200 million for the final close, which it hopes to hold within six to nine months.

The fund’s LPs were all financial institutions based in Europe, a third of which were new investors in Idinvest’s funds, it said.

The fund will target mature, proprietary small to mid-sized deals which “fly under the radar of larger funds”, and display a significant discount. To date, the firm said it boasts an average purchase discount of about 23 percent. 

Idinvest chief executive Christophe Bavière said in a statement: “This new fund is fully in line with our secondaries strategy and meets the expectations of our historic investors who appreciate our investment style. Our strategy consists of focusing on small to medium-sized European companies with solid fundamentals. In the current economic context, investment funds play a major role in overcoming the lack of financing which plagues small to medium-sized companies.”

Capital from the fund has already been invested in companies including Innovia Films, Moncler, and Edenred.  

Idinvest also manages direct private equity and mezzanine funds, as well as investing in third party vehicles as an LP.