Astorg reaches extended hard cap at €2.1 billion for new Astorg VI fund
European private equity firm Astorg announces the successful close of Astorg VI at €2.1 bn, above the hard cap of €2.0 bn which was slightly raised to accommodate demand.
The fund has been significantly oversubscribed, and was raised within 9 months of its launch in October 2015, reaching twice the size of Astorg V raised in 2011.
Astorg VI is backed by a global and diverse investor base, including pension funds (29%), insurance companies (19%), and institutional asset managers (18%), coming from Europe (62%), North America (30%) and Asia (8%)
With a team of 60 people – including 30 investment professionals and 4 Senior Advisors – from 13 different nationalities, based in Luxemburg, London, Paris, Amsterdam, Frankfurt and Zurich, Astorg invests principally in global B2B companies headquartered in Europe, deriving strong pricing power and cash flows from their market leading positions.
Astorg enjoys a strong track record, across multiple investment cycles. As a testament to the strength of its strategy and of its management team, Astorg has generated an average IRR of 29.2% and a multiple of invested capital of 3.0x on all divested investments since its establishment in 1998, whilst generating a loss rate of only 1.3% of the entire capital invested in the same 18-year period; in particular Astorg has not suffered any capital loss across its entire portfolio post the Lehman collapse and the resulting down-cycle.
Astorg VI has already deployed 27% of its capital in 3 companies: HRA, a women health focused, innovative, global pharmaceutical company; Parkeon, the world leader in parking management solutions, and a new deal to be closed soon in the software sector.
Thierry Timsit, Member of the Board of Managers of Astorg Asset Management, said: “We are delighted to have established this new partnership with world-class investors. The success of the Astorg VI offering is a testament to the 18 years of hard work from all the team, to deliver consistent and strong returns. It also reflects the endorsement of a very clear strategy by a group of highly demanding limited partners, and we are grateful for their trust.”
Jeff Orenstein, Head of Investor Relations, added: “We are grateful for the loyalty of our large group of longstanding limited partners and delighted to welcome new high profile investors who bring further skills, experiences, and perspectives to the partnership. We will continue to focus on creating value for all stakeholders in our companies, mindful of our environmental, social and governance responsibilities.”
Astorg is a European private equity firm with total funds under management of over €4 billion. Astorg seeks to partner with entrepreneurial management teams to acquire European companies and create value through the provision of strategic guidance, experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialized, Astorg has gathered a valuable industry expertise in healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris and Luxembourg, plus Senior Advisors based in Amsterdam, Zurich and Frankfurt.
For further information about Astorg: www.astorg.com