Idinvest Partners, a Paris-based firm which invests in French and European small and medium sized businesses, has held a first close on its Idinvest Digital Fund II at €60 million.
The firm, which came to market early this year, is aiming to raise €100 million for investments in the digital and new technology segment in France and across Europe.
So far, Idinvest has managed to attract a €15 million commitment from Bpifrance and a €11 million commitment from The Lagardère Group.
Nearly half of the firm’s existing investors, including Allianz France, have made re-up commitments to the fund. Idinvest has also attracted other French blue-chip insurance companies and family offices, Christophe Bavière, one of Idinvest’s managing partner, told Private Equity International.
Idinvest hopes to hold a final close in the first half of next year and aims to attract foreign investors into the fund.
The firm focuses on investments in internet, media, e-commerce and telecommunication and sees a lot of opportunities in this segment. Idinvest makes all-equity investments and only takes minority stakes. The firm plans to do between 12 and 15 deals from Fund II. It expects to deploy the fund in the next 18 to 24 months, “due to the quality of the deal flow in the European market [including France],” according to Bavière.
Idinvest, which has been investing in the digital and new technology segments for about 10 years, has approximately €4 billion under management.