Mirabaud Asset Management has set up a new private equity business and also launched the first fund for the unit that will target living heritage companies (patrimoine vivant).

The new fund already raised €50m in its first closing from “top-tier private and institutional” investors whose names were not disclosed. The second and final closing targets €150m by the end of 2017.

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The new proposition will deliver family-run SMEs active in France, Switzerland, Italy and other European countries for at least 50 years assistance for their international development. The assistance will be given through investment, as well as strategic, legal, managerial, marketing and business advice.

Mirabaud Group managing partner and Mirabaud Asset Management CEO Lionel Aeschlimann said: “This first theme-based product dedicated to patrimoine vivant has attracted a great deal of interest and the success of the second and final closing is already taking shape.”

The new private equity team will be based in Paris and led by ex-French minister of small and medium-sized businesses Renaud Dutreil. Dutreil previously also chaired LVMH North America and was on the board of directors of L Capital Europe.

“In my time as Minister I was instrumental in the creation of the entreprise du patrimoine vivant label. As an investor I am determined to give these European flagships all the necessary means for a successful future,” Dutreil noted.

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The team will also include Luc-Alban Chermette as deputy head of private equity. Chermette has an experience of over 15 years in the private equity space, including a stint as chairman of management firm La Veliere Capital.