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Cerea Partners nears target for new mezzanine fundraise following €215m first close


Food and drink investor Cerea Partners is more than 85% of the way to its target for its first full mezzanine fundraise since its management team bought the firm out from Unigrains.

Cerea has picked up about €215m through the first close of Mezzanine IV, beating the €200m it gathered for Fund III at the end of 2019.

The new vehicle will invest in French and European small and midcap companies involved in the food and beverage value chain, including ingredients, transformation, health and nutrition, distribution, catering, equipment, packaging and logistics.

Cerea said LP enthusiasm for the fundraise was primarily driven by the strong performance of previous vintages and a very low loss rate over the past fifteen years.

It also cited the resilience of the food and beverage sector amid the current Covid-19 market instability.

Paris-based Cerea was bought by its management team in 2019, after 15 years of Unigrains being the firm’s sole shareholder.

Cerea said at the time that the agrifood investor would remain a limited partner of Cerea’s funds, and was expected to continue to commit to future funds.

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