Made in Italy Fund holds €150m interim close

The fund was launched by the Italian GP in partnership with advisory firm Pambianco Strategie d'Impresa in January 2018 and held a first close in March 2018 on €100m. It expects to hold a final close in April 2020, surpassing its initial target of €200m and reaching €250m, Quadrivio told Unquote.

The fund is domiciled in Luxembourg and has a net IRR target of 20%, with an industry-standard 10+1+1 lifespan.

The GP is led by co-CEOs Walter Ricciotti and Alessandro Binello – who previously held the positions of Quadrivio Capital CEO and president, respectively, until November 2017, when the Italian GP was acquired by Green Arrow Capital. They will be joined in the fund's management by Pambianco CEO David Pambianco and managers Alessio Candi and Mauro Grange.

No placement agent is being used for the fundraising.

Investors
Made in Italy Fund's LPs are primarily Italian and international pension funds, funds-of-funds and family offices. According to the GP, the fundraising has been faster than expected and several additional investors will join the vehicle's LP base in the first quarter of 2020.

Investments
The vehicle acquires majority stakes in Italian SMEs operating in the fashion, design, beauty and food industries, with annual revenues of €10-50m. It deploys equity tickets of €10-15m and follows a conservative approach to the use of leverage in its transactions, not exceeding 3x EBITDA.

It plans to make around 10 investments and has already inked four deals. It acquired a 70% stake in fashion company Palladium Moda, which owns the 120% Lino brand, in an all-equity deal closed in October 2018. Subsequently, it acquired a 52% stake in furniture specialist Mohd and an 80% stake in wine producer Prosit in October 2019. More recently, the vehicle bought a 60% stake in natural cosmetics producer Rougj.

People
Quadrivio – Walter Ricciotti (managing partner).

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