Progressio holds €185m interim close for Fund III

Progressio Investimenti III was launched in March 2017 with a €225m target and a €250m hard-cap and held a first close on €86m in January 2018. The GP expects to hit its hard-cap for a final close in July 2019.

Cebile Capital is acting as placement agent for Progressio, while law firms Legance - Avvocati Associati and Studio Di Tanno e Associati provided legal and tax advice. 

Investors
The GP has raised commitments from a diversified mix of 50 LPs so far. Around 68% of the capital raised came from pension funds, insurance companies and banks, while the management committed 5% and the remainder was raised from family offices and high-net-worth individuals.

Approximately 21% of the LPs are not Italian, which represents a higher proportion than that recorded at the end of the previous vehicle’s fundraising. Progressio III expects to receive additional commitments in the coming months from Italian institutional investors and family offices, and from several European and American investors. The fund’s LPs will be able to co-invest alongside the GP.

Investments
Progressio Investimenti III invests equity tickets between €25-30m in the mechanical engineering, fashion and luxury, pharma and chemical, and food and beverage sectors. It expects to make 10 to 12 investments in Italian companies generating revenues in the range of €30-150m and EBITDA between €5-15m.

The fund has already made two investments: the acquisition of a 65% stake in animal-friendly coats designer Save the Duck in March 2018 and the investment in packaging machinery manufacturer Gampack in February 2019.

People
Progressio – Filippo Gaggini (managing partner).

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