P101 holds €66.7m final close on first fund

Launched in 2013, the vehicle has held a €66.7m final close above its €50m target and is now 60% invested. Following its first close on €32m in December 2013, the fund has made 24 transactions and expects to complete two further investments, according to the GP. In addition, P101 is considering the launch of its second vehicle in 2017.

The GP, which takes its name from the first calculator produced by Olivetti, Programma 101, focuses on the technology and digital markets. P101 participated in a $10m series-B round for Musement in November 2016, led a €3.8m round for Tannico in October 2016, and backed the €1.05m round for Milkman in September 2016 alongside 360 Capital Partners.

Investors
The vehicle's LP-base includes Italian private asset management firm Azimut, state-backed Fondo Italiano d'Investimento (FII) and the European Investment Fund, alongside several banks – such as Unicredit – and the fund's management team.

According to unquote" data, FII and Azimut committed €15m each to the Milan-based vehicle.

Investments
The fund mainly invests in Italian companies with an equity ticked ranging between €500,000 and €3m. It focuses on startups operating in the digital market, including e-commerce and digital media.

People
P101 – Andrea Di Camillo (managing partner); Giuseppe Donvito (partner); Glenda Grazioli (junior parter); Luca Catzola (venture partner).

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