IM Square, a European investment group that takes stakes in fund managers, reported 21% growth in the value of its first investments this morning and said it is on track to raise €200 million to fund further acquisitions.

The firm, founded by French financiers Philippe Couvrecelle and Jean Maunoury in June 2015, said in its first full-year results that it was "in discussions with several North American institutional investors" about the fundraising, and may bring one in as a fourth shareholder in the company.