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Sella holds €30m first close for debut VC fund-of-funds

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Sella Venture Partners, a newly established private equity house owned by Banca Sella Holding, has held a €30m first close for its debut venture capital fund-of-funds.

The vehicle was launched in May 2019 with a €100m target and a €150m hard-cap. It has a four-year investment period.

Sella Venture Partners is led by CEO Grazia Borri, alongside president Pietro Sella and chief investment officer Luca Mannucci.

Following the launch of this first fund-of-funds, the GP plans to expand its array of vehicles in future by raising a new VC fund that will make direct investments in early-stage technology companies.

Banca Sella Holding also operates via its VC division Sella Ventures, which has recently invested in e-commerce startup Brandon and fintech company Satispay.

In addition, Banca Sella Holding is a shareholder in Primomiglio, a VC house that invests equity tickets of up to €3m in Italian startups via its €30m fund Barcamber Ventures.

Investors
The fund's investor base comprises institutional and private banking investors. It includes banks, insurance companies and asset managers such as Banco BPM, Aviva, HDI Assicurazioni and Fenera Holding. 

Private banking investors have invested in the fund via Sella's distribution networks, Banca Sella and Banca Patrimoni Sella.

Sella expects to receive commitments from a wide range of LPs in the coming months, mainly Italian pension funds, insurance companies and banks, as well as some European family offices.

Investments
The vehicle will make around 20 investments and will target European, US and Israeli VC funds that invest primarily in early-stage rounds. It will be sector-agnostic, with a special focus on ICT and healthcare tech vehicles.

The fund has already made two investments, backing VC fund Lead Edge Capital V, managed by New York-based Lead Edge, which specialises in late-stage ICT and software rounds; and ABV 8, managed by Abingworth, a VC house dedicated to life sciences, with a presence in both Europe and the US.

The fund expects to make three more investments by the end of the year.

People
Sella Venture Partners – Grazia Borri (CEO).

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