CIC Mezzanine holds €63m first close

The management company is aiming to raise an overall €120m for CIC Mezzanine 3. Its previous vehicle, CIC Mezzanine 2, closed on €108m in 2009 and has so far made 19 investments.

SJ Berwin, represented by Arnaud David and Sylvie Vansteenkiste, is acting as legal adviser to the fund.

Investors
CIC Mezzanine's funds are sponsored by French bank CM-CIC, but are also open to third-party investors. CIC Mezzanine 2 for instance was funded at 37% by CM-CIC, with the remainder provided by a mix of institutional investors, private investors and funds-of-funds.

Should CIC Mezzanine 3 close on its €120m target, CM-CIC would contribute to around a third of total commitments. The majority of investors are France-based.

Investments
CIC Mezzanine is aiming to provide mezzanine funding in the €3-20m range to French SMEs, without any sectorial preference. It mainly acts as a mezzanine arranger in a variety of transaction types, including LBOs of businesses valued in the €20-150m range.

CIC Mezzanine 3 will aim to complete 20-25 investments across its lifetime.

People
CIC Mezzanine's 5-strong team is headed by president François Petit.

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• Topics
• France
• Mezzanine
• France
• CIC