Montefiore nears €240m hard-cap

The French firm’s third fund surpassed its €180m target in September last year.

Paris-based Montefiore Investments is approaching the €240 million hard-cap on its latest vehicle, according to several sources familiar with the matter. 

Fund III, which began marketing in spring last year, is set to hold a final close on the hard-cap in coming weeks, the people said. The vehicle hit its €180 million target in September 2012.

Montefiore could not be reached for comment at press time. 

The firm’s latest fund will be twice the size of its predecessor, which held its final close on €120 million in 2007. Limited partners in Fund II included the SME-focused European Investment Fund and Dahlia Partners, a French fund of funds jointly sponsored by EIF and Natixis Private Equity.   

Montefiore made the first investment from Fund III last April, when it took a majority stake in opinion poll and market research business BVA. Other companies in its portfolio include budget hotel group B&B, mobile-home holidays business and car rental broker Auto Escape. 

The firm was founded in 2005 by Eric Bismuth, a former Boston Consulting Group executive, Daniel Elalouf, previously principal at Schroders Ventures (which later became Permira), and Thierry Sonalier, ex-chairman of the retail subsidiary of French mobile operator SFR. Montefiore typically invests up to €60 million in French services-focused companies with an enterprise value of between €30 million and €150 million.