Assietta launches €60m fourth fund

With a €70m hard-cap, the vehicle is larger than its predecessor, which held a final close on €48m in July 2015. At the time of publication, the GP was formalising the fund's terms and conditions, as well as the legal advisers.

Most recently, Assietta acquired MMB Costruzioni Meccaniche via its third fund, Ape III, which expects to make one further acquisition by May 2017 and use the remaining dry powder for additional follow-on rounds.

In September 2016, the GP sold the industrial machinery producer Aeromeccanica Stranich to Italian mid-cap buyout house Alcedo, reaping a 2x money return on the capital invested. According to a statement, the company was the last remaining investment of the GP's vehicle Fondo MC2 Impresa.

Investors
The fund's managers will commit at least 3% of the capital to the vehicle and plans to begin fundraising activity in the near future.

According to an unquote" source, the fund's predecessor raised capital exclusively from Italian investors, including family offices, banks, high-net-worth individuals and institutional investors.

Investments
Ape IV targets exclusively majority stake acquisitions in small-cap businesses headquartered in northern Italy and generating a turnover of up to €30m.

According to a source familiar with the GP's fundraising efforts, the vehicle has a six-to-eight-year lifespan and will leverage investments at up to 3x EBITDA.

People
Assietta Private Equity – Giuliano Mari (chair); Marco Cornaglia (CEO); Maurizio Atzori (board member, fundraising adviser).

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• Topics
• Buyout
• Southern Europe
• Fundraising
• Italy