EMZ Partners raises €1bn for ninth hybrid vehicle

The vehicle will provide a mix of debt and equity for management teams in French and German businesses.

France-based asset manager EMZ Partners has raised more than €1 billion for its ninth fund.

EMZ 9 has now held a final close at €1.043 billion and will follow the same hybrid debt and equity strategy as its predecessor funds. EMZ 7 closed in early 2014 with €695 million while EMZ 8 closed on its hard-cap at €815 million in 2017.

EMZ supports management teams of medium-sized businesses through shareholder reorganisation such as buyouts of minority shareholders, management takeovers and acquisitions with a combination of bond financing and equity. Typically, it provides €50 million of financing but can go as high as €100 million.

Historically, EMZ has invested in France but has recently opened a Munich office headed by partner Klaus Maurer, whose background includes fund managers Silverfleet and ICG, to enable it to offer financing to management teams in Germany. The firm has also recently hired Juliette Jiquel and Méline Romestant as associates to further drive its growth across Europe.

EMZ 9 is approximately one-third invested with seven portfolio companies. These include animal health company Ceva, road transport firm Jacky Perrenot and ventilation equipment specialist France Air.

Reach Capital acted as placement agent for the fund while Goodwin provided legal advice.