Riello Investimenti launches €150m debt fund

Alessia Argentieri
03 April 2020

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Italian private equity specialist Riello Investimenti Partners has launched a new debt fund with a €150m target.

The fund targets Italian mid-market companies and specialises in providing senior and junior loans, residual equity instruments and convertible bonds.

It will be larger than its predecessor, Impresa Italia Private Debt I, which raised €70m in 2016 and is now fully deployed.

The GP expects to build a wide investor base, primarily composed of Italian institutional investors, but also with several international LPs. Most of the investors from its previous debt fund are expected to re-up to this new vehicle.

In addition to Italia Private Debt II, the GP manages a private equity vehicle, Italian Strategy Fund, which was launched in June 2018 with a €150m target and held a €50m first close in June 2019. Riello told Unquote that the fund has raised €70m so far and its final close might be delayed following the coronavirus outbreak.

The vehicle targets majority and controlling minority stakes in Italian SMEs with enterprise values of €10-120m, operating in the fashion, food, automotive, furniture and cosmetic sectors. The vehicle deploys equity tickets in the €5-30m range in buyout transactions with moderate leverage – around 3-3.5x EBITDA.

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Riello Investimenti Partners – Nicola Riello (chair).