A French equity and mezzanine investor has defied the difficult fundraising environment by taking just six months to raise €200m for its latest fund offering.

Capzanine has announced a first close of its third fund, which will invest in equity and mezzanine - a form of debt which ranks low in a company's capital structure. Fundraising for the vehicle began in late January and reached a first close within the half year, according to the firm. Capzanine plans to invest in French small and medium-sized enterprises valued between €25m and €200m.