Italian investment bank Cofiri has set up a private equity division and unveiled a new fund, its first since its privatization last year. The fund, Improvement I, will target mainly Italian mid-market companies, but will also look at opportunities in the rest of Europe. The fund has a target of EURO200 million and will be aimed at both Italian and foreign institutional investors.
Cofiri has already committed EURO30 million of its own capital to the fund and a first closing at EURO100 million is planned for late spring. Investments will be focused on the energy and chemicals sectors, media, telecommunications, IT and leisure.
The six-strong investment team, based in Milan, is led by Marco Szemere, head of Cofiri equity investments. The new team, brought together specifically for the venture, has experience in the fields of private equity, corporate finance, primary markets, financial analysis and industrial management.