Fondinvest Capital is a French private equity firm, focused on European lower and mid-market private equity funds.
The firm was founded in 1994 by
Caisse des Dépôts et Consignations
The Caisse des dépôts et consignations (CDC; ) is a French public sector financial institution created in 1816, and part of the government institutions under the control of the Parliament. Often described as the "investment arm" of the French ...
("CDC"), the French state-owned financial institution, as an internal unit to manage private equity investments. The firm has also been the investment manager of a family of funds offered to external institutional investors, which include public and private pension funds, insurance companies, endowments, banks, and sovereign wealth funds.
The group has deployed over €2 billion in primary
funds of funds
A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A ...
, secondaries funds and separately managed accounts for institutional investors in Europe, the US, the Middle East and Asia.
History
Charles Soulignac, Fondinvest’s Founder while working at CDC and Managing Director, managed and developed from 1989 to 1993 various investments in private equity funds that the Caisse des Dépôts et Consignations ("CDC") made during the 1980s.
In 1994, he established Fondinvest Capital for CDC. Fondinvest continued to manage and develop CDC’s investment program in private equity funds and to include third party investors in future fund of funds vehicles.
In 2006, Fondinvest Capital spun off from CDC and became independent. Fondinvest continues to manage capital for CDC and other French public institutions.
Funds under management
Since its establishment, Fondinvest Capital has managed in €2 billion across its primary and secondary business lines, as well as a number of primary separately managed accounts. The company’s odd-numbered funds are primary funds and even-numbered funds are secondary funds.
Primary Funds of Funds
Since 1994, the firm has launched four primary funds of funds I, III, V and VII. Fondinvest Capital targets investments in European funds ranging in size from €100 million to €1 billion, and especially buyout and growth capital funds.
Secondary Funds
Since 1996, the firm has launched four secondaries funds II, IV, VI and VIII.
Since the inception of the Firm’s secondary investment activity, Fondinvest has focused on primarily acquiring European middle market assets in the global
private equity secondary market
The secondary market, also called the aftermarket and follow on public offering, is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold. The initial sale of the s ...
, targeting small- to mid-sized transactions that range in total deal value between €0.5 million and €50 million.
Fondinvest has extensive global networks of GP’s and LP’s which generate "off-radar" opportunities.
The
California State Teachers' Retirement System (CalSTRS) reported Fondinvest VI returned a 23.30% internal rate of return (IRR), as of March 31, 2015.
CalSTRS is also currently the thirteenth largest public pension fund in the world.
Separately Managed Accounts
Since 2000, Fondinvest Capital has developed discretionary and non-discretionary separately managed accounts for investors.
References
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Private equity firms of France