ITALY - Xenon PE holds first close at EUR 113m

Fundraising for the new vehicle started November last year, and investors included fund-of-funds, insurance companies and pension funds in Finland, Germany, Switzerland, the UK and the US.

The fifth fund will focus on companies with enterprise values of EUR 20m-50m, with Xenon looking to invest EUR 7-10m per transaction. The GP expects to make 12 to 15 investments from the new fund.

The vehicle has a hard cap of EUR 150m. SJ Berwin provided legal advice in the fundraising process.

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