Andera Partners, a leading player in private markets in France and internationally, has announced the final closing of its Acto V fund for an amount of 1.1 billion euros, exceeding its initial hard cap of 1 billion euros. This milestone marks a major step forward for Andera Partners: Acto V is now the firm’s largest fund and the first to top the one-billion-euro mark. This shows investors’ renewed trust in the Acto strategy and the ability of our teams to deploy an original, disciplined approach in a European market that is becoming more selective than ever. It rewards Andera Acto’s solid leadership in the sponsorless mezzanine sector.
PAN-EUROPEAN ACCELERATION: A FUND ALREADY IN ACTION
This closing comes at a time when Andera Acto is stepping up its pan-European deployment. In 2025, the team set up a network of Senior Advisors in Belgium, Germany, and Italy, soon to be joined by a Senior Advisor in Spain. This enlarged organisation reinforces Andera Partners’ ability to support managers in their growth and transformation operations, by relying on local presence in the main economic areas of continental Europe.
Acto V is already in an active investment phase, having completed eight transactions to date. A first transaction in Austria will be announced in the next few days, showing the fund’s ability to rapidly implement its strategy and cross-border transactions.
FUNDRAISING DRIVEN BY PLATFORM DYNAMICS
Among the key contributors to this fundraising was a 100% recommitment rate from the franchise’s historic investors, accompanied by major new clients in France and abroad, and the Andera Dette Privée unit-linked vehicle (in partnership with MACSF), which represented 20% of the closing. In a difficult and particularly rigorous capital-raising market, the Andera Acto franchise is one of the very few in Europe to have succeeded in more than doubling in size over the last two years compared to its previous vintage (500 million euros in 2020). Building on this new success, Andera Partners intends to capitalise on this momentum to accelerate the opening of future vehicles such as Andera Rendement Privé (an Eltif-registered evergreen fund), which will benefit from the commercial momentum and enhanced credibility of the franchise.
A TRIED AND TESTED STRATEGY FOR SENIOR EXECUTIVES
Acto V is part of an investment strategy tested out over 20 years by the Andera Acto team, with over 100 managers supported and more than 60 exits completed. The fund is targeting mezzanine and minority equity investments of between 20 million and 150 million euros, to enable company directors
to (re)take control of their company while relying on a non-intrusive financial partner who can provide them with the support and expertise of private equity. Acto V primarily targets small and mid-cap French SMEs and 20% of cross-border deals in Benelux, the German-speaking regions in Europe, Italy, and Spain.
Stéphane Bergez, Managing Partner and Head of Andera Acto, says, “We are proud to have completed an oversubscribed fund in an extremely demanding market. Acto V’s closing at over one billion euros is solid acknowledgement of our sponsorless positioning and our ability to work alongside SME managers. It operates in an increasingly mature private debt market in France and the rest of Europe, where market depth has increased considerably, providing companies with a range of flexible, long-term financing solutions to complement the banking sector. In this more selective environment, our proven ability to implement and support complex capital reorganisations for the benefit of management makes all the difference. The strengthening of our presence in Europe, in particular through the recruitment of Senior Advisors in Belgium, Germany, and Italy, and soon in Spain, will enable us to get even closer to our management teams and to identify high-potential cross-border opportunities.”
François-Xavier Mauron, Managing Partner, adds, “This symbolic milestone illustrates the ambition and solidity of Andera Partners in a highly competitive capital raising environment. This success comes in a year in which all of Andera Partners’ activities have increased, and confirms investors’ trust in our platform. It also reflects the complementary nature of our strategies – from expansion capital and majority LBOs to sponsorless private debt, infrastructure and life sciences – which enable us to support companies at different stages of their development with coherent and aligned solutions.”