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France-Based Managers with Funds in Market

by Nicholas Jelfs

  • 16 May 2011
  • PE

France-based firms manage 57 of the private equity vehicles currently listed on Preqin’s Funds in Market product. Collectively these funds are targeting EUR 20.3 billion, of which a little over EUR 6.9 billion has already been raised through 31 funds holding interim closes. Together, the 57 funds account for 3% of all funds on the road and 4% of the aggregate EUR 501.6 bn sought by the 1,663 funds in market globally.

Venture capital and real estate funds are the most prolific, with 11 of each fund type currently in market. Funds of funds are the next most abundant; 10 such vehicles are seeking capital. There are seven infrastructure funds, and the same number of buyout funds in market managed by France-based firms. The remaining 11 funds are of various types including mezzanine, secondaries and distressed private equity. Almost 90% (51) of the funds in market target investments predominantly in Europe, and 15 funds will only invest in France. Just three funds are seeking opportunities in the US, and the same number focus on opportunities across Asia and Rest of World.

Five funds are targeting more than EUR 1 billion. The largest fund on the road is AXA Secondary Fund V, a secondaries fund targeting USD 3.5 billion (EUR 2.4 billion). Three of the remaining four EUR 1 bn+ funds are infrastructure vehicles which have a collective target of EUR 3.5 billion, and the other is a real estate fund targeting EUR 1.5 billion. The largest buyout vehicle on the road being raised by a France-based GP is Chequers Capital XVI, a EUR 800 million investment fund targeting France and other Europe-based companies across a diversified range of industries.

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