Listed French fund raises additional €129m

The issue of new shares by Tikehau’s 'Salvepar' vehicle, which makes minority investments in SMEs, comes a few months after the French investment manager bought a stake in UK-based Duke Street.

French investment firm Tikehau Group has raised €129 million in fresh capital for Salvepar, a listed private equity vehicle it took control of in 2012. Salvepar typically buys minority stakes in family owned businesses and SMEs.

Initiated in early June, the transaction has resulted in the issuance of around 2.6 million new shares on the Paris stock exchange. Tikehau continues to hold close to 52 percent of share capital and voting rights of Salvepar post-transaction.

Other shareholders include Carac, Compagnie Lebon, Fonds de Garantie des Assurances Obligatoires de dommages, MACIF, and MACSF épargne retraite. In aggregate, they account for 44.07 percent of Salvepar's share capital and voting rights. 

The new funds are earmarked to finance the holding’s future development strategy, as well as diversify its shareholder base and augment the free float. They will also be invested in the acquisition of listed and unlisted interests, the firm said in a statement. 

Salvepar's net asset value stood at around €160 million at end June 2013, up 2.9 percent on the previous quarter. 

Tikehau took over Salvepar from French lender Societe Generale in October 2012, paying roughly €69.4 million for a 51.42 percent stake in the company. The move allowed the investment group, already active in the realm of private debt, to increase its presence in the fund management space. 

Tikehau went on to buy a 35 percent stake in London-based Duke Street, the private equity firm whose assets include Japanese restaurant chain Wagamama, in June 2013.