PM & Partners launches third vehicle

According to a source close to the GP, the fund manager expects to hold a first close in the first half of 2017. The fund will have the same investment strategy as its predecessor, PM & Partners II, and invest across the Italian mid-market.

Recently, the GP divested its portfolio company Plastiape via a trade sale. The deal valued the company at approximately €150m. Prior to that, the GP fully realised its first vehicle, PM & Partners I, following the sale of Varese-based PVC films manufacturer Alfatherm to buyout house OpenGate Capital in June 2016.

The GP currently holds stakes in four portfolio companies, which include industrial machinery producer Officine Meccaniche Torino, food producer Monviso, security services and technology provider La Patria and camphor tablets manufacturer Relevi.

Investors
The fund raised capital from existing LPs, including Italian lenders Mediobanca and Sanpaolo Imi Alternative Investments, as well as US-based asset management firm Verizon Investment Management Corporation and UK-based pension fund Prudential Stagg Pension Scheme, according to unquote" data.

Amsterdam-based asset management firm AlpInvest Partners also committed capital to the vehicle, the source added.

Investments
As was the case for its predecessor, the vehicle targets Italian mid-market businesses with revenues of €30-300m and aims to boost their international expansion. The GP will invest in companies operating in the mechanical engineering, pharmaceutical, cosmetics, consumer goods, food, packaging and services sectors.

People
PM & Partners – Andrea Mugnai (founding managing partner); Massimo Grasselli (managing partner); Riccardo Rainone, Andrea Maralla, Renato Ridella (partners); Gianluca Caopraso (investment manager).

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