Riello holds €50m first close for Italian Strategy

The fund was launched in June 2018 with a €150m target and expects to make its first investment in the coming months.

The vehicle is managed by an investment team led by Riello partners Nicola Riello, Luigi Terranova and Andrea Tomaschù.

The fund will be larger that its predecessor, a €65.3m vehicle called Fondo Gate, which was launched in 2007 and is now almost fully deployed. In addition, the GP raised a €70m private debt fund called Impresa Italia in 2016, which saw a substantial commitment from Fondo Italiano d'Investimento and the European Investment Fund.

Investors
The fund has already received commitments from Italian pension funds and foundations, as well as banks and family offices that committed to its previous vehicle. In addition, Riello expects to raise capital from several international investors after this first closing.

Investments
The fund targets majority and controlling minority stakes in Italian SMEs with turnovers between €30-60m and an EBITDA margin of around 12-17%, operating in the fashion, food, automotive, furniture and cosmetic sectors.

The vehicle deploys equity tickets of between €10-12m in buyout transactions with moderate leverage – around 3-3.5x EBITDA. In addition, the fund plans to support its portfolio companies' international expansion and acquisition plans through a buy-and-build strategy.

People
Riello Investmenti Partners – Nicola Riello, Luigi Terranova, Andrea Tomaschù (partners).

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