King & Wood Mallesons advised Azulis Capital, a major French private equity player in the mid-cap segment, on the structuring of its fund, FPCI Middle Market Fund V.

The fund recently announced the completion of the first closing for an amount of more than €120 million from French and international investor groups. Azulis Capital is looking to raise from €200 million to a hard cap of €250 million.

This new vehicle will keep to Azulis's established strategy focusing on French mid-market businesses. Sector-wise, Azulis will continue to focus on the industrial, agro-food, retail and healthcare services sectors.

The King & Wood Mallesons team was composed of Investment Funds partner Arnaud David and associate Pierre-Charles Kaladji, as well as of Tax partner Raphael Béra and associate Etienne Bimbeau. The firm has previously advised Azulis Capital including on the structuring of the funds Middle Market Fund III and Middle Market Fund IV.