UV T-Growth Fund holds €100m first closing

The fund was launched in July 2020 in partnership with Tim Ventures, the corporate venture capital arm of telecommunication conglomerate Tim.

UV T-Growth Fund has a €150m target and €180m hard-cap, and is expected to hold a final close by 2022.

The vehicle is managed by a team led by partners Fabio Pirovano and Damiano Coletti.

Investors
Telecoms firm Tim is the anchor investor in the fund, with a commitment of around €60m. In addition, the vehicle's LP base includes major Italian and international institutional investors. 

The fund plans to attract additional commitments from pension funds, foundations, banks, family offices and corporations in the coming months. It is building a base composed of around 60-70% Italian LPs and 30-40% international investors, primarily from the rest of Europe.

Investments
UV T-Growth Fund invests in late-stage companies with high-growth potential, with a special focus on 5G, artificial intelligence, cybersecurity, cloud solutions, Internet of Things, edge computing and augmented reality. It deploys equity tickets of around €10-15m.

The fund plans to invest around 60% of its capital in Italy and the remainder in the rest of Europe, with 20% dedicated to possible strategic investments outside of Europe.

The VC told Unquote that the fund is close to inking its first investment, which will be signed in the coming weeks.

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