B4 Investimenti on track for new fund launch in late 2023

The GP’s third fund will set a target above the EUR 55m raise for B4 H II-EuVECA, but below the EUR 100m mark, he said. Its strategy will be similar to that of its predecessors, he added.

Fund II, which still has around EUR 30m to deploy, invests tickets of EUR 5m-EUR 7m for EUR 20m-EUR 30m enterprise value transactions.

B4 Investimenti was established in 2012. About two thirds of the LP base of its two funds are Italian investors, with the other third being foreign investors. They are mostly private individuals such as entrepreneurs, managers, small PE managers and lawyers with a club-deal investing approach.

In addition to preparing to raise its next flagship fund, B4 is looking into launching a new strategy aimed at helping companies solve strategic and capitalisation issues. The vehicle would look to support SMEs that have undergone financial difficulties and need help to recover and return to their growth paths, he said, stressing that it will not be a restructuring fund.

Baroni pointed to Tamburi Investment Partners’ Itaca Equity, which operates as an adviser, turnaround manager and equity provider, as a comparable strategy in Italy, although the fund focuses on larger assets.

Should it decide to launch the new strategy, B4 expects to start preparations for the fundraising in the second half of this year, Baroni said, adding that it could look to raise EUR 30m-EUR 40m.

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• Buyout
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