Latour Capital, a Paris-based investment firm, has closed its third fund at one billion euros. The fund’s limited partners include institutional investors, sovereign funds, funds of funds, family offices and foundations. Jasmin Capital was the placement agent.
Latour Capital announces the final close of Latour Capital III reaching one billion euros overall.
Latour Capital III is three times the size of the previous fund raised in 2015 which closed at over 300 million euros. The oversubscribed fund received strong support from its existing investors reaching a reinvestment rate of 150%. It also attracted new renowned investors from the US, the Middle East, Japan, and Australia. Over thirty LPs where involved in this fundraising, including institutional investors, sovereign funds, funds of funds, family offices and foundations. As for the Latour Capital I and II fundraisings, Jasmin Capital acted as the exclusive placement agent.
This new fund will allow Latour Capital to pursue the same successful strategy carried out by its two previous vintages, which focuses on majority operations and spin-offs of large companies, mainly in France. The average equity ticket size will be of 100 million euros per investment.
Latour Capital has an excellent track-record due to the outstanding performance of its two previous funds. Latour Capital I generated a TVPI of 2.7x and a DPI of 2.2x. Latour Capital II recently realized its first exit at a very high investment multiple. This strong performance is based on Latour’s upstream origination strategy and on the partners’ operational expertise and field knowledge gained from their previous experience as entrepreneurs and company managers.
In parallel, Latour Capital III has just signed its third deal by investing in the spin-off of two Solvay chemical ingredient businesses specialised in celestite, barite and sodium percarbonate activities with plants in Germany and Mexico.
Latour Capital counts 17 professionals. Alain Madelin retired from Latour Capital in Summer 2019.