Mediobanca launches second fund for private clients

Mediobanca Private Markets Fund II is being developed by US fund manager Russell Investments and distributed exclusively by Mediobanca Private Banking until 29 October 2019. The manager of the fund is Russell Investments.

The fund, which targets a final close at Q4 2019, expects to raise a similar amount to its predecessor, a source told Unquote.

Mediobanca Private Markets Fund I raised €135m during its placement period.

The fund targets an IRR between 8-12%, net of underlying manager's fees.

Investors
The investors in the fund include both institutional investors and private clients.

Mediobanca Private Markets Fund II has a minimum investment of €100,000 for professional investors, and of €500,000 for retail investors, according to the source.

Investments
The fund's strategies focus on private equity (43%), venture capital (7%), debt (20%), real assets (20%), and real estate (10%).

The debt strategy consists of special situations private debt, and debt for acquisition via CLOs.

The geographical allocation includes investments in North America (50-70%), Europe (30-40%), Asia (5-15%), among others (5-15%).

The source said the fund II has a larger exposure to North America compared to fund II, as it is reducing its allocation towards Europe.

Other differences between the two funds include fund II havinga larger allocation to special situations and asset backed strategies, while fund I had a 75% exposure to private equity.

People
Mediobanca Private Banking - Theo Delia-Russell (deputy head of Mediobanca Private Banking and head of products and services)

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