Ambienta holds second close on €200.2m

The vehicle has a €300m target and held a first close on €147.2m in October 2013. The fund launched in May and a first close is expected by the summer, Nino Tronchetti Provera, managing partner and founder, told unquote". 

"We have raised enough to start investing and we have a strong pipeline of deals. We're in exclusive due diligence negotiations in a couple of situations in Italy, Germany and elsewhere," says Tronchetti Provera. 

The fund has a vanilla structure, though it comprises two sub-vehicles to suit the legal requirements of international and Italian LPs.

Investors 

Italian and Nordic pension funds were among the investors to commit to the vehicle at second closing.

"We have achieved what we set out to achieve. The first thing was to increase support among institutional LPs. Around a third of LPs in our first fund were individual investors. Institutional LPs now represent almost all commitments made to the latest vehicle. Pension funds came in at second close, which is great because they have very long-term visibility," says Tronchetti Provera.

At first close, Fondo Italiano di Investimento made a €30m commitment to the vehicle – its first contribution to a sector-focused fund.

More than 44% of the capital raised at first close was committed by eight new international investors including the European Investment Fund, Credit Suisse, Hermes, Unigestion and several American and German family offices.

"We also wanted to re-balance the mix between international and local investors," explains Tronchetti Provera. "International investors now represent around 40% of the fund, and we expect to reach a 50:50 split."

Investments
Ambienta II will invest in European companies focused on resource efficiency, gas and pollution-control technologies. The fund will invest in 10-15 companies and follow an acquisitive growth strategy.

International expansion will be the central fund strategy; more than 85% of revenues generated by portfolio companies in Ambienta I originate outside of Italy.

People
Nino Tronchetti Provera, Rolando Polli and Mauro Roversi are co-founders of Ambienta.

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