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Italian buy-out firm Investitori Associati on course to raise new E600m fund

Italian buy-out firm Investitori Associati is in the process of raising a new fund with a target of E600m. Existing investors are expected to contribute around E400m, with an additional E200m coming from around ten new non-Italian institutions as part of an ambition to broaden the firm's investor base.

Paolo Visioni, a partner, said its E400m 2000 fund is now 70 per cent invested and the group had been in contact with its investors to notify them of plans to raise a new pool of capital. Foreign institutions had accounted for about 35 per cent of the last fund and the intention was to increase that figure in the present fundraising.

Investitori Associati said it had been advised it would be able to raise a larger fund but had determined to limit its target to E600m so as not to compromise its consistency.

The Italian private equity market has grown considerably in recent years and has attracted interest from some of the largest buy-out groups. Among others, the Carlyle Group, BC Partners, Permira, Doughty Hanson, and Apax are all active in the region.

Local groups have also been building up their firepower. BS Private Equity closed its latest fund with E550m of commitments earlier this year and new group Clessidra Capital is currently trying to raise an E1bn fund.

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