FVS launches €75m second fund

The GP expects to hold a first close after the summer and a final close by the beginning of next year.

The fund is larger than its predecessor, Fondo Sviluppo PMI I, which raised €50 in and is currently invested across six companies. The vehicle has already made two divestments and is around 80% deployed. It expects to ink two or three more deals in the coming months before closing its investment period.

In addition, the GP manages the portfolio of its VC fund, Fondo Venture Capital Aladinn, which is fully deployed.

Friulia Veneto Sviluppo is owned by Veneto Sviluppo, which is 51% owned by the Italian government, with the remaining 49% being held by a pool of banks.

Investors
Veneto Sviluppo, the investment vehicle of the Veneto region, will commit €20m to the new vehicle. The remainder will be raised from Italian pension funds, banks and local family offices. The GP expects most of the investors from Fondo Sviluppo PMI to re-up to the new fund. In addition, it plans to attract a number of new LPs as well.

Investments
Fondo Sviluppo PMI II will deploy equity tickets in the €3-10m range. It will target minority stakes in companies with an EBITDA margin of at least 10% from revenues of €10-200m, with a percentage of export sales of more than 50%.

It will invest across the north-east of Italy, primarily in the regions of Veneto and Friuli Venezia Giulia, targeting a wide variety of sectors, with a generalist approach and a special focus for manufacturing, business services and technology.

It will invest primarily in capital increase transactions and minority acquisitions, and use moderate leverage of up to 2.5x.

People
Friulia Veneto Sviluppo – Gianmarco Russo (managing director).

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• Topics
• Funds
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