French private equity firm Abenex has closed its second small cap fund at €180 million, exceeding its €160 million target. The fundraise marks a step up from its predecessor vehicle, which closed at €125 million, and reflects continued investor appetite for Abenex’s strategy focused on lower mid-market businesses across Europe. The firm said the fund attracted a mix of institutional and private investors, including pension funds, asset managers, banks, and family offices.
Abenex Small Cap II will target high-growth small and medium-sized enterprises across France, the Benelux region, and Italy, typically investing in companies with enterprise values of up to €60 million. The strategy centers on taking majority or controlling minority stakes and supporting operational development through its in-house operational team.
The firm highlighted the performance of its first small cap fund as a key driver of investor demand, noting that Fund I achieved strong returns with several successful exits. The new fund is expected to build on that momentum and deploy capital across approximately eleven to fourteen investments.
Abenex has already begun deploying capital from the fund, with initial investments including Santis, Asgard Group, and Groupe Emeraude. The firm said these investments align with its thematic focus on improving quality of life, protecting people and assets, and enhancing knowledge and resource efficiency.
KEY QUOTES:
“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.”
Christian Dorléac, Small Cap Partner, Abenex
“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.”
Julien Keignart, Small Cap Partner, Abenex
“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.”
Olivier Moatti, Managing Partner, Abenex
