Idinvest to close third secondaries fund above €400m

The investment firm has delayed a final close first slated for last summer to bring more limited partners on board.

Idinvest Partners will soon close its third secondaries fund oversubscribed after delaying a final close due to investor demand.

The Paris-based mid-market investor expects to raise more than €400 million for Idinvest Secondary Fund III, according to a source familiar with the fundraising.

Idinvest, which spun out of Allianz in 2010, told sister publication Private Equity International last year it was targeting a late summer 2016 close, and then in early September said it hoped to close by the end of the year.

When discussing fundraising last year with PEI, the firm said it was seeking to build relationships with sovereign wealth funds in Asia and the Middle East.

Announcing its first close for Fund III on €350 million in September, the firm’s chief executive Christophe Bavière said the fund “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”.

The more than €400 million raised by Idinvest Secondary Fund III, which the firm said in September had made its first investment, will represent a 75 percent increase from its €228 million 2014 predecessor. That fund is fully invested across 17 transactions.

Private Equity News first wrote that Idinvest was preparing to hold the final close for Fund III.

Idinvest declined to comment.

Idinvest has more than €7 billion in assets under management and invests in European secondaries as well as start-ups, primary funds and mezzanine deals.