Idinvest Partners, a France-based investment firm with several corporate partners, reached the €250m ($265m) first close of its latest fund yesterday.
Idinvest Growth Fund II will make growth-stage investments in Europe-based digital, healthcare, energy and smart city technology developers. It is expected to eventually close at between $318m and $424m in the first quarter of 2017.
Formed by insurance firm Allianz in 1997 as AGF Private Equity, Idinvest was spun out in 2010 through a management buyout and renamed. Limited partners in its past funds include Allianz, media company Lagardère Group and public relations firm Up Group.
A spokesperson from Idinvest did not disclose the identities of any of the fund’s limited partners but told Global Corporate Venturing: “There is no Growth Fund I, Growth Fund II just refers to a continuation of Idinvest’s investment program.
“Investors in Growth Fund II include previous investors and new investors from the Middle East.”