Volpi II closes on €323m

The fund, which had a target of €300m, will continue its strategy of investing in technology-enabled, B2B companies in northern Europe.

Volpi secured backing from both existing investors (around 70%), and substantial new commitments from European and US-based institutions (around 30%), according to a statement. Among the investors were university endowments, funds-of-funds, insurance companies and family offices.

The fund has a team of 17 investment professionals; the team will continue to grow as the fund is invested, according to a statement.

Volpi II has made five acquisitions to date: Netherlands-based IT services company Mansystems; Norway-based FSM software provider Asolvi; Netherlands-based fleet management software provider Moving Intelligence; Denmark-based software business Boyum IT and Profit Software, a Nordic IT service for the insurance and banking sectors.

The firm typically invests €25-75m in equity in businesses with enterprise values of €50-200m.

The fund's predecessor closed on £185m in April 2018.

Rede Partners acted as placement agent, while Loyens & Loeff and MJ Hudson acted as legal advisers.

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