Paris-based private equity firm Trocadero Capital Partners SAS held the first closing and raised more than €120 million out of a €150 million target for the new Trocadero Croissance & Transmission III fund.

The fund will invest in medium-sized companies through minority equity and/or bond financing. It will invest from €4 million to €15 million per transaction in companies across France and neighboring countries. The fund's first two investments were in Telstar and Birchbox.