This investment strategy is bearing fruit, as demonstrated by the first results of Fund II (vintage 2019): average multiple of 6.0x and annual Tri 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 Capital Export III to rapidly raise €160 million, in parallel with its deployment: Fund III currently holds 6 investments, while a 7th investment is in the process of being finalized, and 6 external growth operations have been completed or are at an advanced stage of study. The average annual growth rate of Fund III holdings is over 15%, with an EBITDA rate of over 30%.
Private customers increasingly involved in fund-raising, other initiatives in the pipeline.
It is interesting to note that the share of private investors (including several "French abroad" from the Capital Export international network) has more than doubled (compared with Fund II) in Fund III to represent almost 1/3 of total subscriptions. Capital Export is now considering launching a dedicated product for private investors over the next 24 months.
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