(Corrects assets managed to $46 bln from $36 bln, removes
extraneous word from first paragraph)
FRANKFURT, April 3 French private equity firm
Ardian, recently spun off from insurer AXA, has raised
500 million euros ($688 million) for small-cap investments.
The buyout group closed its Expansion Fund III after raising
450 million from investors and has another 50 million euros at
its disposal for co-investments, Ardian said in a statement on
Ardian's newly launched fund is targeting companies with an
enterprise value of up to 150 million euros and has already
invested in German frozen food group Frostkrone, French
environmental data company CLS Group, French pharma group
Synerlab and French smart-cart testing business Micropass.
Ardian, which manages $46 billion, is riding a pick-up in
foreign investors' interest in European assets and is eyeing
mid-sized targets in France, Germany and Italy that have
international exposure and growth potential.
($1 = 0.7263 Euros)
(Reporting by Arno Schuetze; Editing by Edward Taylor and David