First Italian turnaround fund creat

According to reports in the Italian press, the first-ever Italian turnaround fund is being set-up. The manager of the fund is Maurizio Argenziano, former managing director of Abn Capital, and the minimum target is reported to be E200m. Until now US turnaround funds such as OakTree and Sun Capital, have been operating in Italy without any local competition. Argenziano is reported as saying that the idea for an Italian turnaround fund came about because the current economic climate is proving to be very difficult for Italian businesses, some of which are in need of improvement. The fund, which has not been named yet, will focus on acquiring majority stakes in companies that are either in financial crisis or under-performing. The first phase of fundraising is expected to complete at the end of the year.

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• Topics
• GPs
• Southern Europe