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Perfectis II closes ahead of target

The Paris-based lower midmarket firm has raised €122 million for its second fund.

Perfectis Private Equity, the French lower mid-market firm, has held a €122 million ($143 million) first and final close of its second fund Perfectis II. The fund, which was launched in June 2005, exceeded its original target of €100 million.
 
Perfectis II has received commitments from institutional investors in France, Germany, Scandinavia, Benelux and Switzerland. The fund received a cornerstone investment of undisclosed size from French credit insurance company Euler Hermes SFAC, as well as smaller commitments from investors such as fund of funds manager Access Capital Partners, insurance company CNP Assurances, and the European Investment Fund.
 
Acanthus Advisers acted as financial advisor and placement agent for the fundraising, and SJ Berwin provided legal advice.
 
The fund will be invested in companies with enterprise value ranging from €10 million to €45 million. The firm plans to focus on MBOs, MBIs, and owner buyouts giving the firm significant shareholdings.
 
Perfectis was founded in 2000 by Gabriel Fossorier and Jean-Marie Lavirotte, who began their private equity careers in the Paris offices of 3i.
 
According to sources close to the fund, fundraising was significantly easier this year than it was for its €80 million vintage 2001 predecessor Perfectis I. This was due both to existing investors wishing to re-up and new investors who had previously turned the firm down but were attracted by its track record this time around, added the sources.