Progressio holds first close for Fund III on €86m

The fundraise equates to a re-up rate of 50% from Fund II, according to the GP.

Progressio III has a target of €225m, with a final close expected by the end of Q2 2018. The vehicle is the firm's fourth fund and was launched in March 2017. 

Cebile Capital is acting as placement agent for Progressio. 

Investors
The GP aims to raise commitments from a diversified mix of LPs, including institutional investors, banks and family offices. Progressio expects to raise 70% of the total target from Italian LPs and the remaining 30% from European LPs.

LPs will be able to co-invest alongside the GP.

Investments
Progressio will continue its strategy of investing equity tickets between €25-30m in the fashion, luxury items, chemicals, pharmaceuticals, industrials, food and beverage sectors in Italy.

People
Progressio – Filippo Gaggini (managing partner); Angelo Piero La Runa, Nino Mascellaro (partners); Alessandro D'Arco, Alessandro Petraccia (investment directors).

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