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Idinvest buoyed by Middle East interest

The firm has raised €250m for its second growth capital fund and it aims to have it wrapped up in Q1 2017.

Idinvest Partners, the mid-market investor and former captive of Allianz, has held a first close on its second growth capital fund at €250 million, according to a statement.

Idinvest Growth Fund II, which is targeting a final close on between €350 million and €400 million in the first quarter of 2017, will target European SMEs in the digital, healthcare, energies and cities sectors.

In the statement, Idinvest founding partner Christophe Bavière said that as well as returning Idinvest LPs, the fund attracted new investors from the Middle East.

“In today’s complex market where LPs are seeking consistent and attractive performances, Idinvest’s heritage and specialisation in SMEs with strong growth potential is demonstrating the strength of its offering,” he said.

In May, Bavière told Private Equity International his firm was hoping to raise more than €1.5 billion across its various strategies during 2016.

In September the firm held a first close for its latest secondaries fund, Idinvest Secondaries Fund III, on €350 million, aiming to reach the fund’s target of €400 million by year-end, as reported by PEI sister title Secondaries Investor.

The firm is also raising a €700 million private debt fund focusing on mezzanine and unitranche opportunities, as reported by PEI.

Last year Idinvest raised a €500 million senior loan fund and a €150 million digital venture fund, as well as picking up two substantial separate accounts, said Bavière, including a €300 million mandate from French state institution Caisse des Dépôts et Consignations.

Idinvest spun out from European insurer Allianz in 2010 and has since grown its AUM from €2.5 billion to more than €7 billion.