Idea Capital holds €218m final close for Taste of Italy fund

Following the recent third close for the vehicle on €188.5m in August 2016, the GP raised the additional capital from institutional investors, according to a source familiar with the situation.

The 2014-vintage vehicle launched with a €200m target in February 2014 and held a first close on €96m in December of the same year, and a second close on €140m in August 2015.

The fund is the first food- and agri-business-dedicated vehicle raised by Idea and is also managed by a first-time team, which was formed and led by managing director Pierluca Antolini.

Investors
The closed-ended vehicle has raised 20% of commitments from asset management firm DeA Capital – the investment arm of the GP’s parent group De Agostini – and 21% from private investors, while institutional investors provided 59% of the committed capital.

Among private investors, the GP raised commitments from family offices as well as entrepreneurs operating in the food and agribusiness sectors.

According to the source, the GP raised commitments mainly from institutional LPs based in continental Europe, in particular France.

Investments
The vehicle targets exclusively the food and agri-business sectors across the Italian market. The vehicle has already acquired two companies, Brescia-based fast-food chain La Piadineria in May 2015, and Reggio Emilia-headquartered ice-cream producer Indian one year later. More recently, the GP acquired a minority stake in beverages producer Lurisia, based in Mondoví.

According to the source, the GP will also consider co-investments and club deals alongside other private equity and venture capital firms, provided Idea Capital is the lead on the transaction.

People
Idea Capital Funds – Paolo Ceretti (CEO); Pierluca Antolini (managing director).

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• Topics
• GPs
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• Southern Europe
• Venture
• Idea Capital Funds
• DeA Capital