French mid-market private equity house Idinvest Partners will help finance equipment upgrades at European SMEs through a new EU-backed fund. Idinvest SME Industrial Assets (ISIA) has already secured €150m of an initial target of €300m. The vehicle comes with a €450m hard-cap. The fund will seek to plug the gap that, according to Idinvest, currently exists with asset financing for SMEs. ISIA will deploy its capital in around 70 finance projects, each set to last five to seven years, in markets including France, Spain, Benelux and Germany.