Clessidra holds €607.3m final close for third fund

Launched in October 2014, the fund had an initial target of €1bn. Following the acquisition of a majority stake in the GP by Italmobiliare in May 2016, Clessidra announced a relaunch of its fundraising activity in July 2016 with a new €800m target. In September 2016, following the approval of Banca d'Italia, LPs started committing capital to the fund.

The fund is understood to have held a first close on €500m in April 2015, and to have invested 50% of its committed capital at the time of publication.

During the next few weeks, Clessidra will nominate the fund's advisory board, a source close to the matter said. Italmobiliare committed €90.3m to the vehicle and is entitled to nominate a representative to the board, as is any investor committing more than €70m according to terms and conditions of the fund. Nonetheless, the GP has opted not to, for ethical and transparency reasons, the source said.

More recently the GP acquired Italian fashion brand Roberto Cavalli and banking service provider ICBPI. Meanwhile, Clessidra reaped a 3x multiple from industrial supplier Arredo Plast, renamed as ABM Italia and recently sold to BC Partners' Keter Group.

Clessidra CEO Mario Fera told unquote": "We are satisfied with the final close of CCP III, which reaffirms our unique position in the upper-mid-market in Italy. We believe the amount raised is appropriate for the growth strategy of Clessidra, also considering that, with the recent capital call for the add-on investment in Setefi, 50% of the capital committed to the fund is already invested.

"At our recent Annual Investors Meeting in Milan, our LPs were appreciative of the path paved over the last few months. CCP 3 fund will present further opportunities for our co-investors, which have already demonstrated to us their trust by investing alongside Clessidra in the previous deals with CCP 3," he says.

Investments
As it was the case for its predecessor, CCP III targets Italian companies across the mid- and upper-md-market, with an EV in the €150m-1bn bracket. The fund management team aims to invest in payment and financial services sectors, as well as fashion.

Investors
According to a source, 90% of the existing LPs approved the changes prompted by Italmobiliare's acquisition, and committed capital to the latest vehicle.

Italmobiliare committed €90.3m to the vehicle, which represents 15% of the total capital raised.

People
Clessidra – Carlo Pesenti (chair); Mario Fera (CEO); Riccardo Bruno, Manuel Catalano, Marco Carotenuto, Simone Cucchetti, Matteo Ricatti (managing directors).

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• GPs
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• Clessidra Capital Partners