Invitalia launches second fund for southern Italy

Unquote understands that the fund, which has already raised €150m, has a target of €300m.

According to the firm, the fresh capital will support Italian SMEs based in poorly developed areas in southern Italy by providing them with the necessary capital to grow and expand internationally.

The vehicle is much larger than Invitalia's previous fund, Italia Venture I, which held a final close on €87m in September 2017 and has so far invested €15m in Italian early-stage businesses, startups and SMEs.

Investors
The fund received a €150m commitment from the Italian government's Fondo Per Lo Sviluppo e La Coesione, a vehicle dedicated to supporting the growth of the most underdeveloped areas in the country. In addition to this, Invitalia expects to raise capital from private and institutional investors, both Italian and international.

Investments
The fund will co-invest with private investors and will acquire minority stakes in 10-15 companies based in Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardegna and Sicilia, with annual revenues of at least €10m, active in high-growth sectors such as agrifood, mechatronics, healthcare, tourism and fashion.

People
Invitalia Ventures – Sergio Buonanno (CEO); Domenico Arcuri (president).

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