iXO raises €130m for new fund

iXO Private Equity, a firm that targets investments in small and medium-sized businesses in Southern France, has raised €130 million for its third fund.

iXO 3, which came to market last year targeting €120 million, held an £85 million first close last December.

The firm attracted commitments from both returning and new investors, according to a statement, although the precise re-up rate is unclear. iXO Private Equity did not immediately respond to a request for comment at press time.

Among the LPs in the fund are both French and international insurance companies, mutual funds and top-tier banks, funds-of-funds and family offices, as well as a pool of entrepreneurs, the firm said.

iXO Private Equity attracted commitments from Bpifrance, AXA France, CNP Assurances and Crédit Agricole Group.

“We are very satisfied with the speed of our fundraising in a rather challenging environment,” Renaud du Lac, president and founder of iXO Private Equity, said in the statement.

iXO 3 is already more than 20 percent deployed, having made four investments this year, including men’s clothing business Olly Gan and biscuits manufacturer Groupe Poult.

iXO says it targets companies in niche markets with high growth potential and significant exposure to international markets. It typically invests between €2 million and €10 million in small and medium sized businesses in the South of France. It has 15 employees, including 10 investment professionals and now has more than €400 million of assets under management.