iXO Private Equity has reached a first close of its fund iXO’3. The fund will further iXO Private Equity’s business model and strategy, based on a permanent presence on the field and an in-depth knowledge of the entrepreneurial and industrial networks in the South of France.
December 16th, 2013 marks a significant milestone in the fundraising of iXO’3 with commitments exceeding its € 120 million target size by 70%. Building on the success of its previous funds, iXO Private Equity has strengthened its existing investor relationships. All of the iXO’1 and iXO’2 historical Limited Partners who are still investing in private equity in 2013 have committed to iXO’3. New investors have joined them for the first closing, and others are currently performing their due diligence towards the next closing expected in the first quarter of 2014.
A solid investor base
The diversity of Limited Partners (banks, insurance companies, public organizations, fund-of-funds, local entities, family offices and several entrepreneurs) demonstrates the fund’s attractiveness and the acknowledgment of the quality of iXO PE team. The four main investors in the first closing are Bpifrance, AXA France, CNP Assurances and Crédit Agricole Group (Prédica and Crédit Agricole regional branches).
An investment strategy and positioning proven for 25 years…
The iXO’3 fund will further the iXO Private Equity’s proven business model and strategy, based on a permanent presence on the field and an in-depth knowledge of the entrepreneurial and industrial networks in the South of France.
It will target across sectors companies that benefit from leading positions in niche markets and/or strong international exposure. The fund will support these companies in their growth, transmission, or build-up projects.
… following the footsteps of iXO’1 and iXO’2 which already show strong returns
Launched in 2003, the iXO’1 fund has already returned to its investors more than 120% of their investment. The other companies still in portfolio will generate a two-digit net return for the fund’s Limited Partners.
Launched in 2008, the iXO’2 fund completed its investment period in July 2013. It has already reimbursed 68% of its investors’ commitments. Within the current portfolio, other exits will take place in the coming years.
Bpifrance, a local player with a strong regional presence, mentioned to be “happy to renew its faith in the iXO’3 management team. This new fund, as its predecessors, helps to develop a financing offer tailored to the needs and the specificities of its targeted firms.”
Olivier Decannière, from ARDIAN, who is managing the investment of AXA France, commented:
“We are happy to strengthen our relationship with Renaud du Lac and his team. Thanks to the strong experience on its segment, iXO Private Equity is the right partner for implementing the AXA France’s policy of supporting and developing French SMEs.”
About iXO Private Equity
iXO Private Equity is a management company that invests mainly in LBOs and Growth Capital. The team comprises 14 employees, including 9 investment professionals with complementary experience.
In France, iXO Private Equity is the most important independent private equity firm based outside Paris. The company manages today more than € 400 million and invests from € 2 to 10 million in SMEs based in the South of France (South-East and South-West). www.ixope.fr
The equity investments of Bpifrance are managed by Bpifrance Investissement. Bpifrance is a subsidiary of the French State and of Caisse des Dépôts. It takes minority stakes in French SMEs or larger companies, either directly through its generalist or specialized funds, or indirectly through Private Equity funds. To that extent, Bpifrance manages proprietary funds or third party funds, in particular on behalf of the French State as part of the PIA (Programme d’Investissements d’Avenir). With its 42 regional offices and its 275 relationships with GPs (out of which 90 regional funds), Bpifrance covers the full spectrum in terms of geography, sector and maturity (from seed capital to transmission).
Bpifrance invests at market conditions, with high levels of efficiency, performance and liquidity permitting it to leverage its investments by attracting private investors’ money. Bpifrance has a responsible long term investor strategy. www.bpifrance.fr. To be followed on Twitter: @bpifrance