Ahead of its business plan, Andera Partners approaches 4 billion Euros in assets under management and announces a new 2028 target of 6 to 8 billion Euros
• Assets under management growth at 22%
• Record closing of Andera Life Sciences at 456 million Euros
• Success of the ongoing fundraising of Andera MidCap 5, which already reached its target of 600 million Euros
• Launch of a new investment strategy dedicated to co-investment
• Opening of new office in Italy
• Creation of a new unique support platform for portfolio companies
• More than 50 transactions carried out by investment teams
• More than 40,000 employees within portfolio companies and almost 3,000 jobs created
Andera Partners, a leading European private capital investment firm was particularly active in 2022 with 501M€ deployed, 515M€ of divestment proceeds and 758M€ successfully raised, representing a sharp increase compared to 2021. Through its six dedicated teams, Andera Acto, Andera Co-Invest, Andera Expansion/Croissance, Andera Infra, Andera Life Sciences, and Andera MidCap, Andera Partners reaffirms its status of leading multi strategy European investment company and continues to grow at a significant pace. With already more than 3.7bn€ in assets under management, Andera Partners is reaching its 2025 target of 4 to 5bn€ under management and announces a new target of 6 to 8bn€ by 2028.
A 2025 target for assets under management reached in 2023
The assets under management at over 3.7bn€ today have increased by 22% in one year, notably due to the successful fundraisings of BioDiscovery 6 by Andera Life Sciences, Andera MidCap 5 by Andera MidCap and Andera Smart Infra by Andera Infra. Ahead of its business plan, Andera Partners will reach 4bn€ in assets under management in 2023, thus achieving its initial 2025 target two years in advance. The company further announces a new target to double its size and reach 6 to 8bn€ in assets under management by 2028, through organic growth of its existing business lines, and by further in organic growth, notably outside France.
To reach its targets, Andera Partners strengthened its teams, increasing its total staff to 98 employees.
International expansion with opening of fourth office in Italy
Andera Partners announced the opening of a new European office in Milan, after those in Antwerp in 2019 and in Munich in 2021. The Andera MidCap team has been operating in Italy for about ten years, and Andera Partners decided to open an office in December 2022 to consolidate and reinforce its presence in a deep and attractive market. Maurizio Bottinelli, a well-known private equity professional with 20 years of experience, joined Andera Partners as Senior Advisor alongside Francesco Gonzaga, Investment Director, and head of operations for Andera MidCap in Italy.
Andera Partners Transformation, a unique support platform for companies and their managers
In 2022, Andera Partners launched Andera Partners Transformation, a program dedicated to all investment teams and providing the expertise, network and tools necessary to further support Andera Partners’ investment companies on a path of strong and sustainable growth. The purpose of this platform is to offer customised support on five levels: strategic advice, digital transformation, corporate social responsibility (CSR), M&A and international development.
“2022 was a particularly successful year for Andera Partners. By launching our Andera Partners Transformation project, we confirmed our desire to support our investments closely alongside managers. We are also proud of the performances of our teams, enabling us to reach 3.7bn€ in assets under management and 4bn€ in 2023, ahead of our 2025 target” commented Raphaël Wisniewski, partner and co-managing partner of Andera Partners.
More than 500M€ deployed by its six businesses
The six teams of Andera Partners deployed 501M€ in 2022 in 30 investments. They raised more than 758M€ and completed 17 exits generating proceeds of 515M€.
Andera Acto specialises in sponsorless mezzanine investment in small- and medium-sized French companies. In 2022, the team completed 12 operations, including 8 investments (BEA Group, Biolam, Unaferm, Naitways, Eleven, Ozitem, Renaud Distribution, TBS) and 4 exits (Bioclinic, DP Logiciels, Groupe 3S, Factoria – partial exit). The portfolio companies completed 17 add-ons, including 3 outside France. In 2023, the team is preparing to raise its fifth fund with a target of 800M€.
Andera Co-Invest, a new fund launched in 2022, specialises in mid and large cap co-investments in France, Europe and in the United States. The team carried out 2 investments in 2022 (into a major player in the supply of medical equipment in the United States and another one into the HR solutions leader in the Netherlands).
Andera Expansion and Andera Croissance focus on equity investments in small- and medium-sized French companies. In 2022, the team completed 9 operations, including 2 investments (Pegase, Elan), 3 reinvestments (including Olaqin, Patrimmofi) and 4 exits (ACB, Sarawak, Sirsa, Volta). The portfolio companies completed 16 add-ons – a sharp increase compared to 2021, including 2 abroad.
Andera Infra specialises in the financing of ecological transition infrastructures. The team, established in 2021, completed 3 investments (Kyotherm, Qovoltis, TerrA). Portfolio companies completed one IPO and 3 add-ons during this first year of support by Andera Partners. The Andera Infra team shows strong growth ambitions in line with European vision in terms of ecological transition. The 2023 objectives will be to complete the fundraising of its two funds (Andera Smart Infra and Terra Nea) and continue their deployment.
Andera Life Sciences specialises in the financing of innovative Life Sciences companies. In 2022, the team completed 12 operations, including 5 investments (Imcheck, Mineralys, Tubulis, TargED, Sonivie), 3 reinvestments (including Tricares and Grey Wolf) and 3 exits (Axonics, Reviral, LogicBio). The portfolio companies initiated 2 advanced phase clinical trials and 4 entries in clinical development. With the closing of the BioDiscovery 6 fund at 456M€, Andera Partners completed its most significant fundraising in the area of Life Sciences and seeks to achieve strong growth for its activities. The portfolio activity at the beginning of 2023 is notably marked by the IPO of Mineralys Therapeutics with $192M raised, one of the largest in recent months.
Andera MidCap specialises in equity investments in small- and medium-sized French and European companies. In 2022, the team completed 13 operations, including 4 investments (ERI, Groupe Resonances Imagerie, Telecom Design, Senstronic), 4 reinvestments and 5 exits (notably Arcaplanet, HR Path, Atland). The portfolio companies completed 19 add-ons including 9 internationally. In January 2023, Andera MidCap announced an intermediate closing reaching its 600M€ target for its fund Andera MidCap 5.
Andera Partners reaches 300 supported companies since its creation
By announcing in January 2023 its investment in medtech SoniVie, Andera Partners reached a marked of 300 companies supported in their change of scale, in France, Europe and North America since its creation. Andera Partners is currently invested in 100 companies, whose cumulative turnover represents almost 7bn€. In a difficult economic context, the companies supported by Andera Partners showed solid and healthy performance, with 56 add-ons, including 14 internationally, a sign of significant activity. In addition to financial growth, Andera Partners also encourages healthy and partnership-based growth, focusing specifically on their portfolio companies’ environmental and social footprint. In 2022, Andera Partners portfolio companies represented:
- 40,936 employees
- 2,751 job creations
- 1,187 employee shareholders
A corporate social responsibility (CSR) commitment within the investment strategy
In 2022 Andera Partners reinforced its CSR ambitions, with the implementation of a strategy based on 3 pillars:
- Promoting responsible investment
- Accelerating the company’s action against climate change and for the preservation of biodiversity
- Contributing to an inclusive and shared economy
In 2022, Andera Partners also significantly accelerated the transformation of portfolio companies towards a more durable model by offering its expertise to about 20 companies and supporting them in launching their first carbon footprint, deploying their CSR roadmap or implementing their sustainability strategy.
The portfolio companies were also the subject of in-depth biodiversity analysis conducted by means of a potential impact and dependency study on biodiversity and climate change based on an analysis of climate change risk and opportunity exposure.
A sustained development and the launch of Andera Partners sixth investment strategy
With the launch of a new co-investment program, Andera Partners announced in 2022 the creation of its sixth investment strategy, Andera Co-Invest. The program, structured in the form of yearly funds, targets LBO investments in Mid and Large Cap segments, incorporating environmental and social investment criteria. It is managed by an experienced team of two Advising Partners, Louis Hamon and Alexander Cuniasse.
6 to 8bn€ in assets under management by 2028
In announcing a new target of 6 to 8bn€ in assets under management by 2028, Andera Partners outlines its ambitions for the next five years. This dynamic business growth will focus on three significant investment themes including healthcare (Andera Life Sciences), growth and buyout investments in small- and medium-sized companies (Andera MidCap, Andera Acto, Andera Expansion/Croissance, Andera Co-Invest) and energy transition (Andera Infra), by the internationalisation of business, as well as, opportunistically, by the acquisition of additional management companies, consistent with the development model of Andera Partners.
“This year, we will reach our assets under management target 2 years in advance. Our new threshold for 2028 confirms our ambition; we will pursue our strategy to strengthen our teams, accelerate our international development, consolidate our organic growth and benefit from external growth opportunities which may arise in the current context” added Laurent Tourtois, partner and co-managing partner of Andera Partners.