Argos Wityu announces a first and final closing of buy-out fund number VI
Paris – Euroknights VI successful fundraising in challenging market
Argos Wityu is pleased to announce the closing of Euroknights VI at its hard cap of €400 million.
The sixth fund of the Euroknights family will apply the same strategy as its predecessors targeting small and mid-market companies based in Europe, predominately in France, Italy and Switzerland.
Despite a difficult fund raising market, 90% of investors from the prior fund returned to fund VI and commitments available for new investors were massively oversubscribed. The fund was launched at the end of May 2010 with a target of €360 million with the intention of holding a first close before year end.
Argos Wityu raised the fund internally without the use of an external placement agent.
Strong support from existing investors
In an exceptionally strong show of support, more that 90% of the prior fund have re-invested with the firm, and Argos Wityu is delighted to welcome a number of new investors for the first time. Overall, Fund VI is made up of roughly 30 investors, including pension funds (45%), sovereign funds (20%), insurance companies (10%), fund of funds (20%) and family offices (5%). The majority of investors are European based but 25% of the fund is made up of US institutions and more than 10% of commitments come from Asia, Australia and the Middle East.
Argos Wityu – A differentiated approach
Independent, wholly owned and operated by its partners, Argos Wityu has been investing in France, Italy and Switzerland for more than 20 years. With offices in Paris, Milan and Geneva, the firm has developed a track record of unusual, complex and off-market transactions where the firm’s combination of local presence and international experience is able to add value to the small and medium-sized businesses it invests in.
With Euroknights VI, the firm has assets under management of €745 million allocated to its lower mid-market buy-out funds (known as the Euroknights funds) and Argos Expansion, the firm’s minority equity and expansion capital fund which was also held a first close in 2010 and remains open. Argos Wityu focuses on management buy-outs and buy-ins in small and medium companies and typically takes majority stakes ranging from €10 million to €50 million in companies with revenues of €20 million to €400 million. With this new fund, Argos will continue to apply its entrepreneurial approach, partner with management and create value through the transformation of companies.
Guy Semmens, Argos Wityu partner: “We are delighted to have received such a strong expression of trust from our existing investors and to be able to welcome some new LPs to the firm. At Argos Wityu we believe that the LP / GP relationship is the core of what we do and to be able to rely on such a high proportion of re-ups in such a difficult environment has been enormously reassuring.
Euroknights VI is a natural step up for Argos Wityu from the €275 million 2006 fund. The challenge for the firm will be to continue to deliver performance, even in a more complex environment, and demonstrate that our slightly unconventional approach of the lower mid-market can produce the strong returns over the next decade that we achieved in the past.”
Legal– Clifford Chance (James Sargent), Mourants
Argos Wityu raised the fund internally without the use of an external placement agent
Guy Semmens, Partner, email@example.com, tel. +41 22 849 66 33
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