Consilium to launch €200m fourth buyout fund

Alessia Argentieri
14 May 2019

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Consilium Private Equity will launch its fourth buyout fund with a €200m target in the second half of the year, the GP has told Unquote.

This month, the GP inked its last deal with its €145m third fund, Consilium Private Equity Fund III, which is now 90% deployed.

The fund's LP base will be primarily composed of Italian high-net-worth individuals and family offices, as well as Italian and international institutional investors and funds-of-funds. Most of the LPs from the previous vehicle are expected to re-up, alongside several new investors from Europe, according to the GP.

Consilium Fund IV will make 10 or 11 investments in Italian companies with an EV in the €40-80m bracket and generating EBITDA between €5-20m. The fund will target majority stakes and will deploy equity tickets in the €15-30m range, but will also be open to co-investments with LPs for larger transactions. It will apply moderate leverage of up to 3x EBITDA.

Like its predecessor, the new vehicle will source proprietary deals that do not require an auction process and will be sector-agnostic with a focus on food, automotive and consumer goods. Furthermore, it will deploy a buy-and-build strategy aimed at strengthening its portfolio companies' market position and boosting their expansion.

The GP is currently hiring four managers, including one new partner, with the aim of consolidating and scaling up its fundraising team prior to the new vehicle's launch.