InvestIndustrial closes third lower mid-market fund on EUR 1.1bn

The fund closed EUR 100m above its target, the GP said in a press release.

Unquote reported last September that Investindustrial was months away from closing the vehicle following a first close last April. The fund was registered in August 2021, according to Unquote Data. It, however, raised the funds for the strategy within 12 months, its Senior Principal and Head of Investor Relations Carl Nauckhoff told this news service.

The sponsor held a EUR 375m final close for the debut fund in its Growth strategy in 2018, according to Unquote Data. 

The strategy's predecessor funds have cumulatively invested more than EUR 1bn across 13 platform investments and a further 35 add-on acquisitions, the GP said in the same press release. It partnered with investors on several co-investment opportunities, it added.

Investindustrial Growth is led by managing principal Roberto Ardagna and comprises 22 investment professionals based principally in London, Madrid and New York, in addition to more than 50 shared central operational improvement and support team members, it said.

As well as its lower mid-market Growth funds, the sponsor manages a series of flagship vehicles. Investindustrial VII targets both large cap and lower-mid-cap businesses and raised EUR 3.75bn in 2019. The sponsor registered Investindustrial VIII in Luxembourg in August 2022, according to Unquote Data.

Investors
Around 90% of existing LPs invested in Investindustrial Growth III, it said.

LPs in Investcorp's previous flagship funds include Abdrn, University of Michigan and the Employees Retirement System of Texas, according to Unquote Data.

Investments
The fund will pursue majority investments in European lower mid-market companies with strong internationalisation potential, predominantly headquartered in Italy, Spain, Portugal or Switzerland, it said. Areas where it will seek for deals include industrial manufacturing, healthcare and services, consumer and leisure, and technology, as previously reported.

The fund completed its first investment in Arterex, a global, buy-and-build opportunity in the manufacturing of specialty medical compounds and devices, in Q4 2022, it said.

People
Investindustrial – Roberto Ardagna (managing principal).

[Editor's Note: The second paragraph has been updated post-publication to note that Investindustrial raised its third lower-mid-market fund within 12 months.]

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