About Andera Partners

• Founded: 2001

• Headquarters: Paris, France

• AUM: €2bn as of 2024

• Strategy: Expansion capital, European mid-market technology and healthcare companies

• Thesis: Backing founder-led European tech and healthcare businesses at inflection points where capital and operational support can accelerate growth into market leadership positions

• Track record: Fund III raised €350m in 2019; Fund II closed at €250m in 2015

• Leadership: Managing partners include Olivier Millet and Benjamin Perdreau

Andera Partners closed its fourth expansion capital fund at €430m in final close, 23% above the original €350m hard cap. The firm raised the limit twice during the fundraising period to accommodate LP demand. The fund will continue the firm's strategy of backing European mid-market companies in technology and healthcare.

The oversubscription signals sustained LP appetite for mid-market expansion strategies in Europe despite a broadly challenging fundraising environment. Fund IV's final size exceeds Fund III's €350m close in 2019, making this the firm's largest fund to date. The successive cap increases — rare in the current vintage — suggest LPs view Andera's track record and sector focus as defensible in a market where many generalist growth funds have struggled to reach target.

The question now is deployment pace against fund size. Andera's prior funds typically held 10–12 core positions, implying average checks of €30m–€40m for Fund IV if the firm maintains that concentration. That positions the fund squarely in the €20m–€50m round segment, competing with larger pan-European platforms like Eurazeo and Ardian on the upper end and specialist sector funds on the lower end. How quickly Andera deploys — and whether the team scales to support a larger portfolio — will determine whether the size increase translates to competitive advantage or operational stretch.

Source: AltAssets