Bernheim Dreyfus Receives $40M Seed Investment

Jun 21 2012 | 8:04am ET

Mergers and acquisitions specialist Bernheim, Dreyfus & Co. has received a $40 million cash injection from the newly launched seeding platform Emergence.

The acceleration capital brings total assets under management in the Diva Synergy UCITS event-driven fund, run by Lionel Melka, Amit Shabi and Sébastien Dettmar, to about $50 million.

Launched in mid-2011, the Diva Synergy UCITS Fund pursues an absolute return strategy focusing on equity M&A situations in Europe and North America and offering daily liquidity. The fund deploys its capital in two sub-strategies: merger arbitrage (announced transactions) and pre-event (expected transactions), and relies on strong fundamental analysis.

The Paris-based managers, who have been implementing their strategy through their offshore fund for almost six years, said in a statement the investment would allow them to reach critical size in time to capitalize on an expected pick-up in M&A activity. “Corporates and private equity houses are sitting on huge amounts of liquidity, waiting to be deployed. Interest rates are low, public companies valuations reasonable and growth remains more efficiently achieved externally, through acquisitions, than organically. The progressive resolution of macroeconomic uncertainties, especially in Europe, should encourage CEOs to look for acquisition opportunities.”

The Emergence seeding platform was created early 2012 with the backing of seven major French institutional investors representing over $1.5 trillion of financial assets. Its absolute return division is managed by the seeding company NewAlpha Asset Management

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