Idea Capital closes energy fund on €100m

The fund was announced in November 2010. The GP held a first close on €51m in August 2011.

Investors
LPs in the fund include DeA Capital (the investment arm of the De Agostini Group and sponsor of Idea Capital Funds), three insurance companies, two banks, two pension funds, a listed company, entrepreneurs and family offices. The LP base is local to Italy and is split 50-50 between new investors and existing backers of previous funds managed by the GP. 

Investments
The fund will back SMEs that manufacture products or deliver services focused on improved use of energy and natural resources. Italian companies will receive 70% of the fund's capital, with German, Swiss and Israeli firms attracting remaining commitments. The vehicle will make 8-10 investments and seek to acquire significant minority positions of up to 49% per transaction. Controlling stakes will also be considered.

The fund has already completed two investments, and will soon announce a third. "We would not have been able to close the fund on target without already having completed these investments," said Federico Cellina, head of marketing at Idea. "Raising a first time fund within the sector and in Italy made fundraising particularly challenging, so these existing investments were very important to convince LPs of the team's ability to deploy the investment strategy," he added. 

People
Sergio Buonanno is managing director of direct funds at Idea.

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