Astorg has successfully closed a €1.3bn dedicated continuation vehicle to acquire absolute majority control of IQ-EQ from its Fund V, marking the firm's first-ever continuation fund transaction. Following a heavily oversubscribed process managed by Lazard as exclusive financial advisor, Astorg secured a partnership with AlpInvest and Goldman Sachs Asset Management to lead this next development phase. To adequately capitalize this massive secondary operation, the deal structure includes substantial additional dry powder strictly engineered to fuel IQ-EQ's ambitious M&A roadmap and organic growth initiatives. This transaction allows the IQ-EQ leadership team and the Astorg deal team to make significant equity contributions, ensuring full alignment as the group aims to become the leading global firm in the investor services sector.

IQ-EQ, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Financial Services sector (14.0x).

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