Astorg has seen increased investor interest in its flagship strategy, with €4 billion ($4.4 billion) raised so far for Astorg VIII.
The assets collected so far are 90% of the Paris firm’s target size and hard cap of €4.5 billion. The fund is expected to close to new investment on Jan. 31, 2024. With €21 billion in assets under management, Astorg has seen success with its enhanced focus on family offices and high net worth individuals worldwide, according to Jean Raby, who heads business development at the firm.
“This further interim closing highlights the recognition by investors of the relevance of our investment strategy in what is seen as a more adverse macro-economic environment,” said Judith Charpentier and Lorenzo Zamboni, co-heads of Astorg’s flagship fund, in a statement. “It also speaks to the outstanding resilience of our performance through cycles. Our four investments are performing at or above plan and we see meaningful potential upside from the value creation plans we are implementing with the relevant management teams. We continue to see significant opportunities across our target segments, and are fully committed to delivering outstanding returns for our growing LP base.”
Astorg VIII is an Article 8 pan-European fund that targets healthcare, technology, business services and industrials verticals. So far four investments have been made totaling 40% of the fund’s target commitments.
Three of the investments are have already generated co-investment opportunities for LPs, officials said. These investments include: Corden Pharma, a leading pharma CDMO focused on fast-growing complex niche drug modalities with end-to-end capabilities from early stage development to commercial large-scale manufacturing; Open Health, a leading global provider of medical communications and market access services to the pharmaceutical industry; IPCOM, a pan-European leading B2B specialty distributor of technical and building insulation products; and FastMarkets, a Price Reporting Agency (PRA) with market leading positions in metals and mining as well as forestry products.
