Equilybra launches inaugural fund

01 August 2008

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Fund

Equilybra Capital Partners is the latest player to disembark in the Italian private equity scene. The vehicle launched in June is based in Italy and has a hard cap of EUR60m with a 5+5 year structure. It already has commitments to the sum of EUR5-10m. This first fundraising phase is aimed at entrepreneurs and family offices with the minimum subscriptions at EUR300,000. The GP has invested 1.5% to the fund. Following the first closing, the fund will be opened to institutional investors with the minimum subscription set at EUR2-3m. Management fees are 1.8% with the carry and hurdle set at the industry's standards with a catch-up mechanism. A first closing is forecast for September 2008.

Investors

The fund is open to entrepreneurs and family offices but has also received a EUR5m commitment from listed fund Cape LIVE. The promoter will seek to diversify and internationalise its investor base following the first closing to include, banks, funds-of-funds, pension funds and other institutional investors.

Investments

Equilybra is designed to invest in public and private SMEs, primarily in northern Italy but exceptionally in Switzerland, and across all sectors. The fund will target non-listed companies with a turnover under EUR30m and public companies with market capitalisation of less than EUR150m. Investments will seek significant minority or majority positions with rights to influence the direction of the business. The fund will carry out seven to eight investments during its investment phase with a 60-40 development capital/buyout split. While it is open to co-investments, they are not part of the core strategy. The exit strategy will be based on the possibility to aggregate different companies in the same sector in order to sell the group to industrial players and will include at least one IPO.

People

Equilybra is managed by Matteo Gatti. Prior to launching Equilybra, Gatti worked at Tamburi Investment Partners for eight years occupying the position of director of equity. He was in charge of a portfolio of more than 20 companies, both private and public, for a total aggregate value of around EUR200m. Among some of the transactions he took part in were: Printemps (buyout), Interpump (PIPE), Umbra Group (development capital), Enervit (development capital) and Data Service (PIPE). While at Tamburi, Gatti was also responsible for the activity of SeconTip, a primary Italian secondary fund, with commitments of EUR137m provided by Italian entrepreneur families and the insurance group Generali. From 1997-2000 Gatti worked for Cape as financial analyst and, later, executive director of Advance, a financial advisory company controlled by Simone Cimino. He will be joined by a second partner following the fund's first closing and is supported by two analysts.

Name: Equilybra Capital Partners

Launched: July 2008

Focus: Italy, generalist

Contact: Matteo Gatti

Address: Equilybra Capital Partners, Viale Elvezia, 12, Milan, Italy

Tel: +39 339 588 2035

Fax: +39 02 319 698 200.