Italy Fundraising Pipeline - Q4 2020

NB Renaissance Partners III was launched in October 2018. In February, the GP told Unquote that the fund had raised €850m and expected to close by the summer of 2020. It is unclear if it has hit its target yet.

Made in Italy Fund was launched by Quadrivio in partnership with advisory firm Pambianco Strategie d'Impresa in January 2018 and held a first close in March 2018 on €100m. It subsequently held an interim close on €150m in December 2019. Following the outbreak, the GP decided to postpone the final closing to H2 2021 and increase the target to €300m, Quadrivio told Unquote.

Industry 4.0 was launched with a €300m target in January 2018 and held a €100m first close in October 2018. Its final close is expected in the second half of 2021, the GP told Unquote. The fund invests in SMEs operating in the manufacturing industry, with high potential to grow further via digitalisation and automation, and able to generate annual revenues of €50-150m.

Mandarin Capital Partners III was launched in 2019 with a €250m target and a €300m hard-cap. It has raised €185m so far and has already deployed more than 50% of its capital. It expects to hold a final close by February 2021, the GP told Unquote. 

The vehicle was launched in October 2019 with a €250m target and €300m hard-cap. Unquote understands that the GP is on track with its fundraising and expects to hold a closing by the end of 2020 or in Q1 2021. 

Mid-market
buyouts

Aksìa Capital V was launched in February 2019 with a €200m target and held a €100m first close in July 2019. The fund expects to hold an interim closing by the end of the year, the GP told Unquote. 

Italian Strategy Fund was launched in June 2018 with a €150m target and held a €50m first close in June 2019. Riello told Unquote that the fund has raised €70m so far and its final close, which is expected in the first half of 2021, might be delayed following the coronavirus outbreak.

Nov 2019

Entangled Capital I was launched with a €100m target and a €150m hard-cap, and held a €20m first close in December 2019. The vehicle has raised around €50m so far, and expects to collect some additional capital and hold an interim closing by the end of the year, the GP told Unquote.

Nov 2019

Itago IV was announced in November 2019. It has a €100m target and a €130m hard-cap. The GP expects to hold a first close on around €60m by the end of the year, Unquote understands. The fund will invest in Italian SMEs operating primarily in the manufacturing, machinery, services and food sectors. 

Jan 2020

Metrika launched its first fund in January 2020 with a €100m target and a €150m hard-cap, and held a €60m first close. The fund has raised almost €100m so far and expects to hold a final close next year, hitting its hard-cap. The vehicle targets majority and controlling minority stakes in export-focused Italian companies.

FIMIC was launched with an €800m target in May 2020. The fund acquires minority stakes in businesses generating annual revenues in the €20-250m range. It plans to make co-investments with other private equity funds.

Launched in September 2019, 360 Capital V held a €90m first close in April 2020. The vehicle has a €150m target and expects to hold a final close in the first half of 2021, the VC told Unquote.

UV T-Growth Fund was launched in July 2020 with a €150m target. It invests in growth-stage businesses, with a special focus on 5G technology. The fund expects to hold a first close at the beginning of 2021, the VC told Unquote.

Vertis

Vertis Venture 5 Scaleup was launched in February 2020 with a €100m target and a €120m hard-cap. The VC told Unquote that it expects to hold a first close in Q1 2021, on around half of the final target.

Claris Biotech I was launched in December 2019 with a target of around €80m and held a €30m first close in September 2020. The fund expects to hold an interim close by the end of the year and hit its hard-cap next year, Claris told Unquote. The vehicle invests in biopharmaceutical startups in pre-clinical phase.

Primo Space was launched in September 2019 with an €80m target to invest in seed, series-A and series-B rounds, targeting both upstream and downstream startups across the aerospace industry. It held a €58m first close in July 2020 and expects to close by the end of 2021.

Fondo Sviluppo PMI II was launched in March 2020 with a €75m target and €85m hard-cap. It received a €20m commitment from Veneto Sviluppo, the investment vehicle of the Veneto region.  The GP told Unquote that it expects to hold a first close by the end of the year on around €45m, and a final close next year, probably by the summer.

Archeide
Innovazione Italia

Archeide Fondo Innovazione Italia was launched in Q1 2020, but the fundraising was delayed following the coronavirus outbreak and has recently restarted. Archeide told Unquote that it plans to hold a first close by the end of the year.

Eureka Fund I – Technology Transfer was launched in January 2020 with a €50m target and held a €38m first close in July 2020. It invests in seed and series-A rounds, targeting companies operating in the "deep tech" industry, with a focus on the discovery and production of advanced materials.

Main Capital is currently fundraising for its first direct lending fund, Main Capital Fund I, which was launched in May 2018 with a €250m target.

Equita Capital held a €100m first close for Equita Private Debt II in September 2020. The fund was launched in September 2019 with a €200m target and €250m hard-cap. It provides financing for buyouts of medium-sized Italian companies.

Anima Alternative 1 was launched in September 2020 with a target of €150m and hard-cap of €200m. The fund will provide debt facilities, including senior debt, unitranche, second lien and mezzanine.

Impresa Italia Private Debt II was launched in April 2020 and expects to hold a first close on €50-70m in Q1 2021, the GP told Unquote. The fund targets Italian mid-market companies and specialises in providing senior and junior loans, residual equity instruments and convertible bonds.