Assietta holds final close for third fund on €48m

The vehicle, which had a target of €40-50m, is the first fund raised since the private equity firm span out from Banco Popolare Group in 2009.

Assietta Private Equity III (APE III) will have a six-year lifespan, comprising a three-year investment and three-year divestment period. The vehicle will also have a two-year grace period.

Assietta is also anticipating the launch of its fourth fund in 2016, which will have a larger target size – in the region of €60-70m.

The GP (at the time known as Aletti Private Equity) was established by Banco Popolare in 2000. 

Its €42m maiden vehicle, Fondo Dimensione Network, launched in 2002 and was exclusively available to institutional investors. The following year the firm launched the €50m Fondo Dimensione Impresa (FDI) retail fund.

In 2009, a newco controlled by Cornaglia & Associati acquired Aletti and rebranded it as Assietta Private Equity.

FDI remained 50% invested when the firm changed hands. In 2014, Assietta wholly divested FDN with net IRR of 21%.

Investments
APE III will make majority investments in northern Italian companies with a turnover of €10-30m. The generalist fund is already 40% invested, having acquired a 60% stake in Technical Plast – which produces moulds for the processing of technopolymers – and La Messicana, a coffee producer and distributor.

Around 53% of its commitments to date have been allocated to businesses in the Lombardy region, unquote” understands.

Investors
The vehicle attracted commitments exclusively from Italian investors. LPs include strategic investors, family offices, banks, high-net-worth individuals and other institutional investors.

People
Marco Cornaglia is CEO at Assietta. Maurizio Atzori is a member of the GP's board and responsible for fundraising.

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• Topics
• Buyout
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