Wealth manager targets €150m for debut PE fund

Mirabaud has raised €50m for its ‘Living Heritage Fund’, which will back European SMEs with long histories.

Mirabaud Asset Management, the Geneva-based firm which manages assets of approximately €7.4 billion, has held an initial close on its debut private equity fund on €50 million.

Mirabaud Living Heritage, which has attracted commitments from wealth managers, family offices and institutional investors since launching at the end of the first quarter, will target around 10 to 12 family-run SMEs that have operated in France, Switzerland and Italy for at least 50 years. The firm intends to hold a second and final close on €150 million in December, according to a statement.

Mirabaud’s new private equity division is based in Paris and headed up by Renaud Dutreil, former French minister of small and medium-sized businesses and ex-chairman of LVMH North America. Dutreil is supported by Luc-Alban Chermette, former chairman of private equity firm La Veliere Capital, and will be joined by two analysts later this year.

The firm will develop “theme-based” funds and will be “very hands on”, aiming to introduce five “vitamins” to its business acquisitions, comprising cash, management, marketing, distribution and innovation, Dutreil told PEI.

“This first theme-based product dedicated to [living heritage] has attracted a great deal of interest and the success of the second and final closing is already taking shape,” Lionel Aeschlimann, managing partner of the Mirabaud Group and CEO of Mirabaud Asset Management, added in a statement.

Mirabaud’s asset management business employs 100 people, managing CHF 5.6 billion (€5.1 billion; $5.8 billion) in traditional assets and CHF 2.5 billion of alternative investments as of December 2016.

Launched in 1819, the Mirabaud Group also offers wealth management and brokerage services. The group has a network of 14 offices globally, including Dubai, Montreal and Hong Kong.