Investindustrial hits €375m hard-cap for smaller fund

Alessia Argentieri
21 May 2018

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Investindustrial has closed its lower-mid-market fund, Investindustrial Growth, on its €375m hard-cap after less than three months on the road.

The fund is considerably smaller than Investindustrial VI, which held a final close on its €2bn hard-cap in February 2016, and will focus on smaller-scale deals, allowing the firm to cover the entire mid-market and to consolidate its position in southern Europe.

When Unquote initially reported on the fund launch in April, the vehicle was expected to hold a final close in July 2018.

Investors
The vehicle was oversubscribed on the back of significant interest from existing investors who re-upped from Investindustrial VI, according to the GP. The LP base is made up of 20 long-term investors, with 66% of the capital coming from Europe and 34% from the US. A source told Unquote that Investindustrial committed around 15% of the fund's total capital.

Among the vehicle's LPs are several funds-of-funds, including Adams Street Partners, Landmark and Schroders, alongside UBS, Swiss pension fund Caisse de Prevoyance de l'Etat de Geneve and Austrian energy drinks producer Red Bull, according to publicly available documents.

Investments
Investindustrial Growth has a dedicated investment advisory team based in London, Lugano and Madrid, and will be managed by senior principal Roberto Ardagna. The fund deploys equity tickets between €10-50m to acquire majority stakes in lower-mid-market companies with strong internationalisation potential, predominantly headquartered in Italy, Spain, Portugal or Switzerland and operating in the consumer, industrial manufacturing and business services sectors.

The vehicle has already invested in Benvic, a PVC compounding company headquartered in France, and in British interior design specialist Oka, founded by Annabel Astor, former UK prime minister David Cameron's mother-in-law.

People
Investindustrial – Andrea Bonomi (managing principal).