Idinvest Partners, a France-based growth equity firm backed by several corporate limited partners in the past, has raised €180m ($222m) for the first close of its latest fund.
The firm did not disclose which investors provided the capital for Idinvest Digital Fund III, its third digital-focused fund, revealing only that they consisted of “a number of existing and new European LPs,” including some corporates. It has targeted €300m for the fund’s final close.
Idinvest’s past corporate backers include networking technology manufacturer Cisco, insurance group Allianz, media company Lagardère and marketing and public relations firm Up Group
Matthieu Baret, a partner at Idinvest, said: “We are delighted at the success of this first closing, which has at its foundations Europe’s leading institutional and corporate investors.
“The unprecedented interest in this fund demonstrates both the huge growth potential of the digital sector and the attractive investment proposition it continues to offer our investors.”