Fonds Partenaires, the French private equity subsidiary of Lazard, has curtailed its international ambitions to focus exclusively on mid-market French buy-outs.

Laporte had hoped to expand Fonds Partenaires' deal sourcing capabilities into the German and Southern European markets on the back of the strength of its franchise in France and by accessing the Lazard network in continental Europe. However, expansion into southern Europe was put on hold while Fonds Partenaires tested the waters by setting up an office in Frankfurt, staffed by one investment executive. The Frankfurt office failed to generate sufficient dealflow and has now closed down.