Pillarstone aims for year-end close for industrials and shipping-focused fund

The firm is looking to secure capital for the fund by the end of the year, the sources said, with one saying it could also close as soon as October if negotiations go quickly.

A slew of investors has been approached and conversations are underway, with some already considering investments, one of the sources added.

The fresh capital will be deployed into new generalist industrial and shipping-focused investments, the sources said.

Pillarstone was launched in 2015 to assist Italian banks in managing underperforming assets in the corporate, industrial and shipping industries, according to its website. It counts more than 35 portfolio companies which collectively generate around EUR 2bn in revenue and employ 12,000 professionals.

Pillarstone was originally founded in partnership with KKR, with the aim of providing capital and professional expertise to reverse negative trends, stabilise and accelerate the growth of underlying businesses.

Its investments are based on a strategic, PE-based approach rooted in the turnaround process management, according to its website.

Pillarstone declined to comment.

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