Principia launches fifth VC fund, Utopia

The fund will focus on startups and spinouts from Italian universities with a focus on early-stage investments across the Italian life sciences sector.

Principia has four funds under management: Principia Fund, Principia II, Principia III – Health, and Principia IV – Alis. Having injected capital into 40 Italian startups, the first two vehicles are currently fully invested.

The third fund, Principia III – Health, is the GP's first sector-focused vehicle. It launched in December 2014 with a €400-500m target, though the GP was believed to have subsequently revised the fund's target to €300m. The fund eventually raised €206m and ceased its fundraising activity, according to a source familiar with the situation.

Principia III has currently made nine investment totalling €80m, including the GP's first MBO in July 2017. The deal saw Principia acquire a 68% stake in Trifarma, a pharmaceutical ingredients producer, for a reported €30m equity ticket.

Additionally, the fund manager launched its fourth vehicle, Principia IV – Alis, in May 2017 with a €150m target. The fund focuses on the fashion and design sectors and is currently at the initial phase of its fundraising activity.

Investors
Bologna-based LP Fondazione Golinelli acted as anchor investor, committing €10m to the fund.

Investments
The GP targets investments in clinical research businesses, with a particular focus on molecule development, genetic research and device producers focusing on prevention and diagnostics.

The fund will provide early-stage investments, including pre-seed and seed capital.

People
Principia – Antonio Falcone (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Venture
• Southern Europe
• Venture
• Italy
• Principia