Artemid closes third fund at €400m

The fund will focus on investing in smaller firms but can arrange loans up to €100m alongside LPs.

Artemid has closed its third senior debt fund with almost €400 million of commitments to lend to small and mid-cap borrowers.

The vehicle, Artemid Senior Loan III, raised less than its predecessor, which closed on €413 million in 2018. However, the fund manager said the vehicle was raised in just a few months with backing from existing and new investors including insurers, family offices and pension funds both in France and internationally.

Senior Loan III will follow the same strategy as its predecessor, providing five-to-seven-year bullet loans of between €5 million and €40 million, and it can supply up to €100 million in partnership with its investors. It targets small and mid-cap firms with EBITDA of between €8 million and €100 million.

Artemid was formed in 2014 as a joint venture between private investment platform CAPZA and fund manager Amiral Gestion and it has raised more than €1.1 billion since inception.

Commenting on the fundraising, Laurent Bénard, managing director of CAPZA and president of Artemid, said: “This [fundraising] confirms the solidity of our approach based on a dedicated team supported by two great SME specialists, Amiral Gestion and CAPZA, which contributes to nurture quality dealflow.”