Idinvest holds first close on ISF III

The firm has raised €350m and is hoping to raise a total of €400m by the end of the year.

Idinvest Partners has raised €350 million for its latest secondaries fund after about nine months of fundraising and is hoping to raise a further €50 million.

The Paris-headquartered firm said it hit the initial target for Idinvest Secondary Fund III (ISF III) and aims to raise €400 million in total by year’s end, according to a statement.

“We believe that Idinvest’s integrated platforms, which combine primary, secondaries, private debt and co-investment capabilities, are key to sustaining a high quality, proprietary deal-flow in the current market environment,” Christophe Simon, Idinvest’s head of private funds group, said in the statement.

“ISF III will continue Idinvest’s diverse investment focus on small and mature secondaries in the European mid-market, which we believe still presents a sizeable, attractive and under-exploited segment of the much larger mainstream secondaries market.”

Idinvest’s president, Christophe Bavière, previously told sister publication Private Equity International the firm was hoping to close ISF III on its €400 million target by the end of the summer.

The fund has already made its first investment and will follow its predecessor’s strategy of focusing on mature secondaries deals in the European small and mid-market. The 2014-vintage €228 million Idinvest Secondary Fund II, made 17 deals and is fully invested.

Idinvest has €6.5 billion in assets under management and invests in European start-ups, primary, secondaries and mezzanine deals.