NB Renaissance Partners III raises €950m, close to hit target

NB Renaissance Partners III was launched in October 2018 and is domiciled in Luxembourg. The fund was expected to hold a final close in 2020, but it was delayed, likely disrupted by the pandemic.

Its LP base is mainly composed of pension funds, insurance companies, asset managers and family offices. There is a small minority of Italian LPs, but they mostly come from the rest of Europe and the US.

The fund has a generalist approach and targets a wide range of sectors. It invests primarily in niche segments across fragmented markets where it can pursue a buy-and-build strategy and create consolidation platforms. 

The vehicle targets businesses based in Italy, but can also deploy up to 20% of its capital in the rest of Europe. It acquires majority stakes in companies that generate EBITDA of at least €17-20m and revenues in the €100-500m range.

The fund deploys average equity tickets of €80-100m, but can ink larger deals in co-investment with other Neuberger Berman funds.

Noticeable investments made by the fund include the purchase of an 80% stake in hydraulic hoses manufacturer Hydro Holding from Mandarin Capital Partners in December 2018; the acquisition of leather producer Rino Mastrotto in a €300m deal signed in September 2019; and the investment in IT specialist Engineering alongside Bain Capital, in a deal that gave the company an EV just north of €1.6bn.

NBRP was originally established in 2015 as a spinout from the private equity operation of Italian lender Intesa Sanpaolo. The firm is managed by a team of 15 professionals based in Milan, led by senior partners Fabio Canè and Stefano Bontempelli.

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