French mid-market private equity firm Siparex has reached a first close of €90m on its MidMarket III fund as it heads towards a final target of €150m.
In only four months, the fund has attracted commitments from French and international investors. As well as receiving support from its sponsor Siparex Associés, MidMarket III attracted institutional investors and family offices. Furthermore, it received new investment from pension funds and regional banks.
Siparex III will follow the investment strategy of its predecessors, focusing on the development of businesses whose value is larger than €40m, with investments ranging between €2.5m and €15m.
Siparex II is currently in disposal mode, and according to a statement, its portfolio companies have attracted a number of strategic buyers. This fund has generated an overall IRR of 20.4 per cent so far.