About This Fund
ISAI Expansion III is a €300 million growth equity fund managed by ISAI, a Paris-based venture and growth capital firm with a network of approximately 500 entrepreneur-LPs from France's tech and digital ecosystem. The fund reached its hard cap on February 6, 2025, one year after its first closing at €190 million, doubling the size of its predecessor vehicle. It holds an Article 8 classification under SFDR, reflecting formal commitments to responsible investment criteria throughout its portfolio construction.
ISAI Expansion III targets profitable technology SMEs in France, Southern Europe, Switzerland, and the Benelux region, providing between €10 million and €50 million in equity per transaction, with co-investment rights available to LPs for tickets up to €80 million. The fund pursues two complementary deal types: Growth Buyouts — backing companies with sales of at least €10 million and EBITDA above €2 million — and Tech Growth transactions in high-growth profitable businesses expanding at 25–30% or more annually. Target sectors include SaaS, managed services, marketplaces, and tech-enabled companies in traditional sectors. The fund expects to back 12 to 15 companies over its investment period.
ISAI Expansion III made its first investment in Staffmatch, a digital-native temporary employment group in France, in September 2024. Institutional investors represent 60% of the fund's LP base, comprising funds of funds, banks, insurance companies, and family offices, alongside ISAI's distinctive entrepreneur-LP network who co-invest with founder-level judgment and operational credibility. ISAI manages parallel strategies in early-stage venture (ISAI Venture IV) and Expansion, building a full-stack technology investment platform in France.