L Capital Management, a  private equity firm backed by LVMH Group and its holding company Groupe Arnault, has raised €400m for its latest fund.

The firm which specialises in lifestyle brands and retail, beat its original €350m target for this third fund, the firm said on Friday. The firm has offices in  Paris, Milan and Madrid and buys majority or minority equity interests, in mid-market companies with enterprise values of up to €400 million.

The company has over time become more independent of LVMH. Philippe Franchet, senior partner at L Capital Management, said: "A vast majority of the funds come now from international institutional investors, sovereign funds, pension funds, university endowments and large family offices."

Franchet added: "Changing demographics, consumer behavior and emerging new market segments in mature economies in Europe and the US, an increasing wealthy middle-class and emergence of important, powerful economies in China, India,…

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