UNQUOTE

Investindustrial launches €3bn fund

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Investindustrial has launched its seventh flagship buyout fund with a €3bn target and expects to hold a first close in the first half of 2019.

Unquote understands that a large number of previous investors are expected to re-up, while the founding Bonomi family and the management will also invest in the new vehicle.

Investindustrial VII will target controlling stakes in European companies with enterprise value of around €500m, across three main sectors: consumer goods, industrials and services.

The fund is larger than its predecessor, Investindustrial VI, which closed on its €2bn hard-cap in February 2016 and is now more than 60% deployed, Unquote understands.

The fund's portfolio includes Italian pump manufacturer Ceme, acquired for €280m in 2017, and luxury car-maker Aston Martin, partially exited last October in an IPO that gave the company a market cap of £4.33bn.

In addition, Investindustrial closed its lower-mid-market fund, Investindustrial Growth, on its €375m hard-cap in May 2018, after less than three months on the road. The vehicle focuses on smaller-scale deals, allowing the firm to cover the entire mid-market and to consolidate its position in southern Europe.

The fund 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, while Investindustrial committed around 15% of the fund's total capital.

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