About This Fund
Eurazeo PME III is the third fund managed by Eurazeo PME, the small-and-medium enterprise (SME) investment division of Eurazeo SE (EPA: RF), a leading French listed private markets group with over €35 billion in assets under management. The fund closed in 2017 with €658 million in total committed capital, comprising approximately €408 million from Eurazeo's own balance sheet and €250 million from third-party limited partners including institutional investors—asset managers, insurance companies, and family offices—that had previously backed the predecessor Eurazeo PME II fund (€520 million, 2015 close). The close marked an important step in Eurazeo's strategy of growing its third-party asset management platform alongside its proprietary capital.
Eurazeo PME III targets controlling-stake buyout investments in sector-leading French small and medium-sized enterprises, with equity tickets of €15–75 million in companies carrying enterprise values of €15–75 million and EBITDA of €10–20 million. The fund focuses on founder-owned or family-owned businesses in France with demonstrable international expansion potential, partnering with management teams to accelerate organic and acquisition-led growth across European markets. Rather than concentrating on a single sector, Eurazeo PME applies a generalist mid-market approach spanning business services, technology-enabled industries, healthcare services, and consumer verticals with strong recurring revenue dynamics.
Eurazeo PME III was fully invested ahead of the subsequent Eurazeo PME IV fundraise (€1,049 million, final close July 2022). Portfolio exits included Intech Médical (sold to Montagu PE, approximately 3x money multiple). In 2022, Eurazeo completed a structured secondary transaction in which approximately 50% of its balance sheet stakes in both PME III and PME IV were divested, reducing concentration while validating portfolio valuations. As of 2025, the fund is in a harvesting and tail-end phase, with residual portfolio companies under active exit preparation or secondary arrangements administered by Eurazeo PME.