Astorg heads for hard cap on Fund VI

  • Eyes 2 bln euros hard cap for Fund VI
  • Firm has raised around 1.2 bln euros
  • Held first close in October

Astorg Partners is moving through fundraising on its sixth fund, having closed on about 1.2 billion euros ($1.3 billion), according to a person with knowledge of the fundraising.

The Paris-based firm, which focuses on buyouts of European-based middle-market companies, held a first close in October, the person said. The firm is targeting 1.5 billion euros with a 2 billion euros hard cap. The firm will likely hit the hard cap, the person said.

Park Hill Group is working as placement agent on the fundraising.

Astorg closed its Fund V on 1.05 billion euros in 2011, beating its 800 million euros target. Fund V generated a 7.8 percent net internal rate of return and a 1.12x net multiple as of June 30, 2015, according to alternative assets data provider Bison.

Fund V’s investments include Sebia, a healthcare company; M7 Group, a satellite pay-TV operator; Megadyne, a maker of polyurethane belts; Kerneos, which makes calcium aluminate cements; and Linxens, which makes smart card connectors.

In April, Astorg agreed to buy software company Metrologic Group from The Carlyle Group. Financial details were not disclosed.

Astorg has raised 2.3 billion euros of committed capital since its inception in 1998 and has generated a 30 percent gross IRR on 23 realized investments, according to the firm’s website.

Astorg is led by Managing Partners Joël Lacourte and Thierry Timsit and Chairman Xavier Moreno. Other partners at the firm are Christian Couturier and François de Mitry.

In addition to Paris, the firm has offices in London and Luxembourg.

Action Item: See Astorg’s Form ADV here:

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