Quantica makes EUR 61.3m close of Principia II

01 May 2009

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Fund

Italian venture firm Quantica SGR has closed its second fund, Principia II, on EUR61.3m, surpassing its target of EUR20-40m. The fund, which was launched in January 2008, has a 10+2 year lifespan and a four-year deployment period. Management fees are set at 2% size while the carry will remain at the standard 20%. Fund managers subscribed 0.1% of the capital to the fund. The hurdle will be Euribor rate plus 2%, that represents a return-cap applied solely to the public cornerstone investor. Pedersoli & Associati has been retained as legal adviser.

Investors

Among the fund's backers is the Italian Ministry of Innovation which contributed 50% of the committed capital; part of an EUR86m government grant divided among four operators. The balance was provided by bank foundations (11.1%); banks (8.7%); pension funds (29.3%); and investment holdings (0.8%).

Investments

Principia II will invest in digital high-tech SMEs, spin-offs and start-ups in Southern Italy, including Abruzzo and Molise. 40% of the fund is earmarked for expansion deals. The transaction value will range between EUR3-6m in start-ups and EUR2-2.5m in expansion investments, while the investors will seek to acquire stakes ranging between 20-60%, with more emphasis on majority stakes.

Current market conditions present ample opportunities and the pipeline is lining up deals, especially in the healthcare, finance and tourism sectors.

People

The fund will be managed by Stefano Peroncini and Pierluigi Paracchi, who previously promoted the asset management company and managed Quantica's first vehicle Principia I. The fund expects to hire a new investment manager and one more analyst in the months to come.

Name: Principia II

Closed on: EUR61.3m, March 2009

Focus: Venture, Southern Italy, (including Abruzzo and Molise)

Contact: Stefano Peroncini

Address: Via Broletto, 37

20121 Milano

Italy

Tel: +39 02 97 38 26 00-4

Fax: +39 02 97 38 26 00-4

s.peroncini@quanticasgr.it

Advisers: Pedersoli & Associati (Legal).