Arcis, France's only independent firm specialising in secondaries, the purchase of investors' stakes in private equity funds, has completed fundraising of its third fund at €175m ($212m).

The fund is almost twice the size on the firm's previous fund, which was almost double the first. Arnaud Isnard, who founded the firm with his brother Henri Isnard in 1993, said the growth reflects investors' increased familiarity with secondary investment.