Clessidra relaunches fundraising activity for third fund

Following the acquisition of a majority stake by Italmobiliare, an Italian holding company owned by the Presenti family, the GP started negotiations with the existing LPs to relaunch the fundraising activity for its third vehicle. Fundraising had initially been halted after the untimely death of the firm's founder and CEO Claudio Sposito in January 2016.

According to a statement, 90% of the existing investors approved the changes put forth in the new agreement proposed by the new Clessidra board. The amendments include a new key-man clause and the extension of the fundraising period until 30 November 2016.

The GP set the fund's target at €800m, when the vehicle originally launched in October 2014 with a €1bn target. At the time of publication, the fund had already invested in Italian fashion brand Roberto Cavalli, industrial supplier Arredo Plast and banking services provider ICBPI.

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• Topics
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