Idea Capital holds €188.5m third close

Kenny Wastell
01 August 2016

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Idea Capital Funds, the private equity arm of Gruppo De Agostini, has held a third close for its food- and agribusiness-dedicated vehicle, Idea Taste of Italy, on €188.5m.

The announcement comes 12 months after the GP held a €140m second close for the fund, which launched with a €200m target in January 2015.

The GP also announced it has started making investments from Idea CCR, a joint fund for distressed Italian SMEs that it manages alongside HIG Bayside.

Furthermore, the GP has appointed Piero Galli, formerly general director of the Expo Milano 2015 trade fair, to its board of directors.

Investors
At the time of Idea Taste of Italy's second close, the firm's eight closed-ended funds had received 53% of commitments from institutional investors and 28% from private investors. The remaining 19% was provided by DeA Capital, the investment arm of Idea's parent group, De Agostini.

Investments
Idea Taste of Italy invests exclusively in food companies and agribusiness. The vehicle made its first investment in 2015 when it acquired Brescia-headquartered La Piadineria, a fast-food chain selling filled piadine, an Italian flatbread. Idea invested €14m as part of a €30m deal, with the company's management reinvesting for a minority stake in the business.

People
Idea Capital Funds – Paolo Ceretti (CEO).