Siparex Investimenti 3 to be launched in 2019

Alessia Argentieri (Unquote), Valentina Caiazzo (Mergermarket)
19 February 2019

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Insec Equity Partners, the Italian partner of French GP Siparex, is in the pre-marketing stage for its new fund, Siparex Investimenti 3, which will be launched in 2019.

Unquote understands that the fund will be launched with a target of around €100m and expects to hold a first close in the first half of 2020.

Insec Equity Partners is manged by a team based in Milan and led by managing partners Tomaso Barbini and Andrea Gianola, alongside partner Alessandro Bellia and associate Jacopo Asinari di Bernezzo. The new fundraising effort will coincide with an expansion of the investment team in the coming months, according to Barbini.

The GP told Unquote that Siparex Investimenti 3 will deploy equity tickets of around €10-15m to acquire majority and minority stakes in 7-10 Italian SMEs generating EBITDA in excess of €3m and revenues in the €20-100m range. The fund will use moderate leverage of up to 3x and will co-invest with Siparex's mid-cap funds in larger acquisitions.

Unquote understands that the firm expects to receive commitments from Fondo Italiano d'Investimento, which sponsored its previous vehicle, and from a diversified mix of Italian and international investors, including institutional investors and French LPs that sponsored other funds raised by the Siparex Group.

The new fund will be larger than its predecessor, Siparex Investimenti 2, which held a final close on €50m in July 2014. Unquote understands that the vehicle was sponsored by Fondo Italiano d'Investimento, which committed around 40% of the total capital, while the remainder was raised from family offices, high-net-worth individuals, banks and financial institutions.

Siparex Investimenti 2 is invested across five companies: Buona Compagnia Gourmet, Bracchi, HnH Hotels & Resort, Plurima and Saip. Unquote understands that the vehicle still has approximately €15m to invest, of which €7-10m will be deployed to acquire one more business in the coming months, while the remainder, coupled with additional leverage provided by the portfolio companies, will be used to complete several bolt-ons.