Idinvest nears €200m secondaries fund close

Backed by LPs including former parent Allianz, one-third of the fund has already been invested.

Idinvest, a Paris-based private equity firm, is expected to hold a €200 million final close on its debut ‘Secondaries Fund’ by the end of February, according to a source familiar with the matter.

It had originally been slated to close in March, but an accelerated level of interest in the fourth quarter was said to have sped the fundraising process.

The firm declined to comment on the fundraise.

It was unclear at press time whether Idinvest retained a placement agent.

The Secondaries Fund, which began marketing in 2012, held a €100 million first-close in September last year, and has deployed approximately £67 million purchasing LP stakes in SME-focused European funds.

The LP base includes investors from the firm’s prior funds including Allianz Insurance Group, which was Idinvest’s parent until spinning out in 2010. Allianz committed £40 million, according to the source, but is not the anchor investor. The largest commitment came from an existing investor described only as a “French blue-chip company”.

LPs in the firm’s other funds, such as its TMT-focused ‘Digital Fund II’ currently targeting €200 million, include French media conglomerate The Lagardère Group and French insurer Allianz France.

Idinvest has €4 billion in assets under management across various fund of funds strategies including private equity secondaries, primaries, debt and venture capital/growth stage.

Yolanda Bobeldijk contributed to this report.