Abenex announces the final closing of its Fund Abenex Small Cap II at €180 million, exceeding its target size and confirming strong interest from institutional and private investors in its strategy dedicated to supporting high-performing French and European SMEs. The Fund supports high-growth potential SMEs in France, the Benelux and Italy, as a lead shareholder (controlling minority or majority), valued up to €60 million in enterprise value. Fund II builds on Fund I’s strong momentum, which has delivered very strong performance to date, with four exits out of nine investments sold at a gross average multiple of 3.6x*. This second-generation Fund follows Abenex Small Cap I, raised at €125 million, and marks a new step in Abenex Small Cap activity’s development.
A fundraise supported by existing investors and new relationships
Following a first closing with commitments representing over 50% of its initial €160 million target, the Fund attracted commitments from institutional and private investors, including approximately 35% from pension funds and retirement schemes, 30% from funds of funds and asset managers, 10% from banks and insurance companies, and 25% from family offices and high-net-worth individuals.
A strategy dedicated to high-performing French and European SMEs
Abenex Small Cap II invests in private equity transactions in French and European SMEs, as a majority or controlling minority shareholder, across three investment themes: (i) improving quality of life, (ii) protecting people and assets, and (iii) enhancing knowledge and optimizing resources. Supported by its multidisciplinary Operational Team — unique within the French Small Cap segment — Abenex aims to support portfolio companies in their development and transformation plans, with the ambition to help them reach a new stage of growth. The Fund targets approximately eleven to fourteen investments.
Investments already completed by Abenex Small Cap II include Santis, a Franco-Swiss laboratory developing and marketing health-focused dietary supplements; Asgard Group, a specialist in instrumentation and electronic production; and Groupe Emeraude, a French wealth manager, which has already completed seven add-on acquisitions since Abenex’s investment.
Christian Dorléac and Julien Keignart, Small Cap Partners at Abenex, commented: “The closing of this Fund, the largest raised to date for our Small Cap strategy, reflects the renewed confidence of our investors. It enables us to seize current market opportunities and actively pursue Fund deployment.”
Olivier Moatti, Managing Partner, added: “We thank our investors for their continued trust in Abenex and its team. We are convinced of the potential of this Small Cap strategy, already illustrated by the performance of the first Fund launched in 2018 in France. Abenex Small Cap II will also deploy capital in Italy and the Benelux, capitalising on our local presence in these geographies.”
*Past performance is not a guarantee or indicator of future results. The profitability of portfolio investments cannot be guaranteed. An investment entails a risk of loss.
