Itago launches €130m buyout fund

The vehicle has a €100m target and a €130m hard-cap. The GP expects to hold a first close on €60-70m in March 2020 and a final close in the first half of 2021.

Itago is an Italian GP recently established by a team composed of Domenico Tonussi, Nicola Bordignon, Piergiorgio Fantin and Daniele Mondi, who span the firm out from Banca Finint's Finint & Partners in 2018.

The firm is currently managing NEIP III, a €75m private equity vehicle that closed in 2011 and is now 90% deployed. The fund will make two more bolt-ons in the coming months before closing its investment period.

Investors
Itago IV plans to raise 70% of its capital from Italian pension funds, funds-of-funds and insurance companies, and the remainder from high-net-worth individuals and family offices. It expects a number of investors from NEIP III to re-up, but will also look for a more diversified investor base.

Investments
Itago IV will invest in Italian SMEs generating revenues between €10-50m and EBITDA in the €3-6m range, operating primarily in the manufacturing, machinery, services and food sectors. The fund will mainly target majority stakes, but will also consider acquiring considerable minority stakes in larger deals. It will deploy equity tickets in the €8-15m range and apply moderate leverage of up to 2.5x EBITDA.   

People
Itago – Domenico Tonussi, Nicola Bordignon (co-CEOs).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Buyout
• Southern Europe
• Italy
• Exclusive