Finama Private Equity, the private equity fund of fund specialist and subsidiary of Groupama, France's second largest insurance group, will hold an interim closing of its first direct investment fund at the end of March.

The subsidiary was formed around a private equity division that Groupama inherited when it bought GAN, the agricultural specialist insurer in 1998. Until recently, its core activity has been the €130m ($113m) fund of funds business in which its parent company is the major investor. It has spent the past few years disposing of the legacy investments from the GAN private equity fund and started raising capital for a direct investment fund last year.