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Idinvest’s Grossmann becomes chief executive

Christophe Bavière will step aside as chief executive of the firm after two decades and join the board of Eurazeo, which acquired a stake in the mid-market firm in 2018.

Idinvest Partners has appointed a new chief executive officer after 20 years under the same leadership.

The Paris-headquartered private equity manager has promoted managing partner Benoist Grossmann to the role, according to a statement. He has been with the firm since 2002 and has managed Eurazeo Growth – a combination of Eurazeo Croissance and Idinvest Growth  since compatriot Eurazeo acquired a controlling stake in Idinvest in 2018.

”These appointments recognise their outstanding contribution to the group since Idinvest became part of Eurazeo in 2018 and reflects our ambition of developing our asset management business after a year of rapid growth in 2020,” said Virginie Morgon, chairwoman of Eurazeo’s executive board.

Paris-listed Eurazeo bought the remaining 20 percent stake in Idinvest last year, the statement noted.

Former chief executive Christophe Bavière will become a member of Eurazeo’s executive board for a one-year term, the statement noted. He co-founded Idinvest and has been at the helm since 2001 when it was owned by insurer Allianz and known as AGF Private Equity. He remains a senior managing partner of Eurazeo.

Idinvest has raised four flagship secondaries funds. The last was 2018-vintage Idinvest Secondary Fund IV, which raised an undisclosed amount against a target of €500 million. The firm is in market with Idinvest Growth Secondary, which has raised at least €47.2 million, according to Secondaries Investor data.

Among the deals Idinvest has backed are a GP-led process on German buyout firm Halder‘s 2008-vintage fund and a €192 million continuation fund deal involving Hutton Collins spinout Three Hills Capital Partners.

GP-led restructurings are the “core” of Idinvest’s secondaries business, Bavière told Secondaries Investor in 2017: “90 percent of people are not in the top decile, and they need to restructure their [distributed-to-paid-ins], they need to restructure and change their story.”

Eurazeo has €21.8 billion in assets under management, including €15 billion from third-party investors, across private equity, real estate, infrastructure and private debt. Idinvest accounts for around €9 billion.