Finint holds €51.6m first close for debt fund

The vehicle has a €150m target and expects to hold a final close by the end of 2019.

The fund's investment team will be led by senior fund managers Vania Serena and Luca Novati. K&L Gates advised the firm on the fund launch and fundraising process.

PMI Italia II is larger than its predecessor, Minibond PMI Italia, which launched in 2013, held a €75m final close in 2016 and is now entirely invested. In addition, the firm manages Fondo Strategico Trentino–Alto Adige, which held a final close on €230m in 2015. The vehicle invests exclusively in companies based in the Trento and Bolzano provinces, located in northern Italy, and is now 75% deployed.

Investors
Italian state-backed Fondo Italiano d'Investimento and Banca Finint committed €20m and €5m respectively to the new vehicle. In addition, the fund raised capital from several Italian banks, foundations and the firm's management team. It expects to receive additional commitments in the coming months from the European Investment Fund, as well as from Italian pension funds and insurance companies.

Investments
PMI Italia II plans to target 20 Italy-based companies operating in a wide range of sectors excluding financial services, with a special focus on the manufacturing and mechanic industries. Around 70% of the capital raised will be invested in businesses generating annual revenues of up to €300m, while the remainder will be deployed to finance larger companies, with turnovers of between €300-500m.

The vehicle will provide debt financing of between €5-7m in each transaction in order to support the companies' growth, international expansion and acquisition strategy. It expects to make five investments in the first quarter of 2019.

People
Finint Investments – Vania Serena, Luca Novati (senior fund managers).

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