UBI launches private equity fund

Verona-based Unicredit Banca d'Impresa, a subsidiary of the Italian banking group Unicredito, has launched a private equity fund. Idea Industria is a E100m fund, almost entirely underwritten by Unicredit Banca d'Impresa, and set up to provide the bank's customers with the chance to participate in private equity. The fund will take minority stakes in small-and medium-sized companies across a range of sectors. It is looking for medium term investments of 5-7 years and has a lifespan of ten-years. Idea Industria will be independently managed by 21 Partners SGR, a division of the private equity firm 21 Investimenti, in order to avoid a conflict of interests. Alessandro Benetton set up 21 Investimenti in 1993 and shareholders include Banco Ambrosiano Veneto, the insurance company Assicurazioni Generali, Edizioni Holding, the investment trust of the Benetton family, and Banca Intesa.

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