Montana to acquire GP Nem

According to Il Sole 24 Ore, Swiss secondaries-focused fund manager Montana gained exclusivity on the acquisition of the GP from Italian lender Banca Popolare di Vicenza for €50m. Elm Capital is understood to be managing the auction process.

The announcement follows the €17bn package issued by the Italian government to shield Banca Popolare di Vicenza and Veneto Banca, transferring the banks' good assets to Italy's retail bank Intesa Sanpaolo.

Established in 2004, Nem is fully owned by Banca Popolare di Vicenza and currently manages three private equity funds, Nem Imprese II, Industrial Opportunity Fund and Nem Imprese, with an aggregate €267m of assets under management.

Montana is currently investing through its Opportunity Secondary Program III, which raised €406m in September 2015.

Nem could not be reached for comment at the time of publication, while Montana declined to comment.

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• Topics
• Secondaries
• GPs
• Southern Europe
• Italy