Azimut holds €120m first close for IPO Club fund

Managed by Electa Ventures and Azimut Global Counseling, a financial advisory subsidiary of Azimut Holding, the fund launched in May 2016 and was expected to hold its first close in October 2016 and subsequently a final close on its €150m target one month later.

Alongside its first closing, the fund will now start its investment activity and expects to complete two transactions during H1 2017, according to a statement.

The fund aims to bolster Italian mid-sized businesses and support their flotations on the AIM segment of the Italian stock exchange. Prior to the IPO, the fund managers aim to set a share price with co-investors to secure the company's lending on the public market, while offering LPs certainty with regards to their exit route.

As part of its investment strategy, IPO Club aims to lead an investor syndicate to purchase a 30% stake in targeted companies. The fund would secure one third of the minority stake, while 20-25 LPs would co-invest with a €500,000 minimum ticket to acquire the remaining stake.

Investors
According to a statement, the fund's LP base includes 70 high-net-worth individuals and entrepreneurs, and 30 institutional investors.

Investments
The fund targets Italian SMEs with an enterprise value ranging in the €70-300m bracket, and with net debt of around 1x EBITDA that aim to float on the Italian stock exchange in 6-12 months' time. It targets a total of 10 acquisitions with a five-year holding period and a seven-year lifespan.

People
Azimut Global Counseling – Giancarlo Maestrini (CEO)

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