Fundraising activity continues to defy gravity

In spite of recent market turmoil and uncertainty, many investment houses have succeeded in closing their funds above initial targets. It is the case of Bridgepoint's fourth fund, which closed EUR800m above its EUR4bn target. The fund was launched in October 2007 and had reached its target by March 2008. Similarly, The Carlyle Group has closed its second European technology fund, Carlyle Europe Technology Partners II (CETP II), on EUR530m, exceeding its initial target of EUR500m.

In Italy, 21 Group reached the final closing of its latest private equity fund, 21 Investimenti II, at EUR280m, well above its initial EUR200m target. The fund has signed two transactions: the LBO for the acquisition of GPP Industrie Grafiche SpA, a specialist in the luxury cardboard packaging sector, and the MBO of Valbart, spin-off from the multi-national Group Velan, an Italian manufacturer and distributor of ball valves for the oil & gas and petrochemical industries.

Meanwhile, Cape Natixis launched Cape Helio, a new EUR70m fund dedicated to projects in the renewable energy sector, propagating the recent trend of investor interest in the alternative energy and cleantech sector.

Investor appetite appears to be defying the economic gloom. But what is the impact of this appetite for private equity? This will be one of the topics discussed at the Italia Congress in Milan to take place on 27 November.

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