(AOF) – Eurazeo has exceeded the fundraising target for its PME IV fund by more than 1 billion euros, an amount up by more than 50% compared to the previous fund. Financed solely by the investment company’s balance sheet in 2011, the share of institutional and private investors has now reached more than 60% compared to 38% for the previous fund. The fund is also off to a very good start with five new investments already made, representing 40% of the fund,
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Key points
– Global investment company created in 2001;
– €31 billion in assets under management, of which 69% on behalf of third parties: 74% in private equity, 21% in private debt and 5% in real estate;
– Business model: 4 strengths: equity guaranteeing the group’s independence, a strong presence in 10 countries and 4 continents, strong and longstanding commitment to CSR / 2 priorities: to become the reference investment platform in Europe , each division being No. 1 in its market, and continuing the fundraising dynamic / 2 complementary growth challenges: asset management for predictable and recurring income and investment in companies not exposed to cycles or strong growth potential;
– Private equity with Eurazeo Capital: companies valued at over €200m, SMEs (€50 to €200m), EuroBrands (brands with international potential), Eurazeo Growth (technology companies with a proven business model), China Acceleration, Venture (digital-focused innovation capital), Private Debt (European SMEs and ETIs, etc.);
– Capital structured between JC Decaux holding (17.86%), the Michel David-Weill family (16.71%) and the Richardson family (3.55%), Jean-Charles Decaux chairing the 15-member supervisory board and Virginie Morgon the Executive Board;
– Solid debt-free balance sheet with net cash of €550bn in equity at end-June and €1.1bn in cash.
Challenges
– Strategy aimed at doubling assets under management to €60 billion in 2026-2028 and a margin of 35-40% compared to 30% in 2021;
– Innovation strategy led by a digital committee within the supervisory board in charge of accelerating the integration of digital into operational activities, analyzing the digital environment and assessing cyber risk;
– “O +“ environmental strategy aiming for net zero emissions by 2040: positioning on the low carbon economy, integration of the cost of carbon in the performance measurement of the investment cycle, integration of the carbon variable in the entire investment cycle investment / 80% of active funds with a CSR investment policy / 20% of managed funds dedicated to the low-carbon economy – maritime, sustainable and digital infrastructure or health…;
– Balance of the portfolio, no company representing +10% of the NAV and the share of listed companies being limited to 4%.
Challenges
– Monitoring of the revalued net assets, of €111.8, to be compared to the stock market price;
– Reinforcement of positions in tech (1
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investor in France and Europe) and in the “brands” activity for the deployment of strong brands;
– 2022 anticipations: after €5.2 billion in fundraising in 2021, securing €550 million in fundraising for the current financial year and continued disposals after those of Orolia and Reden Solar before a year 2023 rich in disposals:
– 2021 dividend of €3, including €1.25 exceptional.