European investment major Eurazeo has powered to a €1bn final close for its fourth secondaries fundraise, almost double the total it collected for its previous programme in the series.
The firm has closed Idinvest Secondary Fund IV on €700m, beating its €600m target, and collected another €300m of additional secondaries capital from private individuals.
Eurazeo has been active in the secondary market since 2003 and has closed over 100 secondary transactions.
The firm closed its previous secondary programme on €570m in 2017.
The firm’s strategy targets European mid-market secondary opportunities in mature private equity funds or through acquiring portfolios of selected companies.
Christophe Simon, managing partner and head of secondaries at Eurazeo, said, “We are very grateful for the support and trust of our investors in such unusual times and are proud to have exceeded our initial fund-raising target.
“We believe the growth of our secondary activity reflects the increasing client demand of our niche positioning in the European mid-market and our recognized expertise in arranging sophisticated GP-led transactions, and the benefits brought by the unique sourcing and execution capabilities of the Eurazeo platform.”
Christophe Bavière, senior managing partner, member of the firm’s executive board, added, “This fourth secondary program saw strong demand from investors and successfully closed above target despite the pandemic.
“This current secondary program is already 36% deployed into mature secondary transactions in the European mid-market, which we believe presents a sizeable, attractive and under-exploited segment of the much larger mainstream secondary market.”
Last month Eurazeo agreed to sell its stake in integrated payment system Planet at a €1.8bn enterprise value, scoring a roughly 2.5x return.
Eurazeo said it would reinvest and co-control the company with fellow private equity house Advent International.
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