Volpi hits €185m hard-cap for debut fund

Oscar Geen
17 April 2018

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UK-based private equity firm Volpi Capital has closed its first institutional fund, Volpi Capital Fund I, on its тЌ185m hard-cap.

The vehicle was initially launched in September 2016 and agreed a target and hard-cap of €185m at an early stage, Unquote understands.

It will target northern European mid-market companies that take advantage of software and data innovation.

Volpi held a first close for the fund in April 2017 and has since acquired three companies; it expects to make three more platform investments before the end of the investment period.

Prior to founding Volpi in 2015, Crevan O'Grady was at 3i for 16 years, leading the TMT investment team. Co-founder Marco Sodi was previously partner at Veronis Suhler Stevenson and Florentia Partners.

Rede Partners acted as placement agent and MJ Hudson was the legal adviser in connection to the fundraising.

Investors
The vehicle attracted capital commitments from a range of blue-chip, institutional investors from Europe and the US, including insurance companies, pension funds and funds-of-funds.

New York Life Insurance Company was the fund's largest LP, backing the fund with €45m, according to Unquote Data. French fund-of-funds Access Capital Partners also made a €30m commitment to the vehicle. A longer list of LPs is available on the fund's Unquote Data profile.

Investments
Fund will make up to six platform acquisitions across northern Europe, including Germany, Benelux, the UK and the Nordic countries. It has already made three, backing Irish IT services company Version 1, UK-based healthcare software company Medinet and video analytics company Digital Barriers.

People
Volpi Capital – Marco Sodi, Crevan O'Grady (partners).