Italian private equity firm Clessidra has held a €320m first close for Clessidra Restructuring Fund (CRF), its first vehicle dedicated to bank credits, with a special focus on unlikely to pay (UTP) exposures.
Charcoal and natural additives company saw final bids from two banks and one direct lender
VCs including the Swiss Entrepreneurs Fund, BtoV and Ringier Digital Ventures also participated
Around 40 existing and new LPs, including British Patient Capital and the EIF, participated
Fund will invest in buyouts, recapitalisations and carve-outs of both profitable and underperforming businesses