This investment strategy is bearing fruit, as demonstrated by the first results of Fund II (vintage 2019): average multiple on money of 6.0x and annual IRR of 119% on the first 5 exits, i.e. half of the Capital Export II portfolio.
These excellent returns, combined with Capital Export’s unique positioning in the small-cap segment, enabled the rapid fundraising of Capital Export III, reaching €160 million. This was conducted in parallel with deployment: Fund III currently holds six investments, with a seventh being finalized, and six external growth operations completed or in advanced study stages. Fund III’s portfolio companies show average annual growth exceeding 15% and an EBITDA margin of over 30%.
Private customers increasingly involved in fund-raising, other initiatives in the pipeline.
It is worth noting that the share of private investors (including several 'French expats' from the Capital Export international network) has more than doubled in Fund III (compared to Fund II), representing nearly one-third of total subscriptions. Building on this, Capital Export is considering launching a product dedicated to private investors within the next 24 months.
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