FRANCE – Paris-based private equity firm Activa Capital has attracted European pension funds and fund managers, with a first close of 90 million euros on its mid-market buyout fund.

Sixty-five percent of investors so far have been European pension funds, with names such as the French retirement fund, AG2R, and the Finnish local government pensions institution. Hermes Investment Management has committed 25% of the fund, which is the principal investment manager for both the British telecom and British Post Office pension schemes.

Other investors are funds managed by Partners Group, Proventure and Scottish Widows. A final closing at 150 million euros is forecast for the first half of 2003.

Activa’s fund focuses on French management buy-outs and growth capital transactions in France. The fund will invest in smaller mid-market companies with values between 15 million euros and 75 million euros, with particular emphasis on spin-offs from large groups with business services, food and drink, media, retailing and manufacturing sectors.

Activa Capital also recently announced that it had reached an agreement with Swiss food group Nestle to buy out Mont Blanc cream dessert business.

Charles Diehl, a Partner of Activa Capital, said: “The French private equity market has experienced a segmentation as pan-European players concentrate on larger deals. Activa Capital firmly believes that the best growth buyout opportunities continue to be sourced in the smaller mid-market transactions.”

Michael Diehl, also a partner, said that France would remain the sole focus, as it was important to be local.
FRANCE – Paris-based private equity firm Activa Capital has attracted European pension funds and fund managers, with a first close of 90 million euros on its mid-market buy-out fund.

Sixty-five percent of investors so far have been European pension funds, with names such as the French retirement fund, AG2R, and the Finnish local government pensions institution. Hermes Investment Management has committed 25% of the fund, which is the principal investment manager for both the British telecom and British Post Office pension schemes.

Other investors are funds managed by Partners Group, Proventure and Scottish Widows. A final closing at 150 million euros is forecast for the first half of 2003.

Activa’s fund focuses on French management buy-outs and growth capital transactions in France. The fund will invest in smaller mid-market companies with values between 15 million euros and 75 million euros, with particular emphasis on spin-offs from large groups with business services, food and drink, media, retailing and manufacturing sectors.

Activa Capital also recently announced that it had reached an agreement with Swiss food group Nestle to buy out Mont Blanc cream dessert business.

Charles Diehl, a Partner of Activa Capital, said: “The French private equity market has experienced a segmentation as pan-European players concentrate on larger deals. Activa Capital firmly believes that the best growth buyout opportunities continue to be sourced in the smaller mid-market transactions.”

Michael Diehl, also a partner, said that France would remain the sole focus, as it was important to be local.

Topics