Investitori Associati has closed its fourth fund above target on €700m, exceeding its original target of €600m. Original investors in the firm’s previous fund committed €400m and new investors committed €300m. New investors were willing to commit as much as €700m, which would have brought the total fund size up to €1.1bn, but the group decided to cap the fund at €700m.
The fund has attracted an international investor base with 17% coming from Italian institutions, 47% from the rest of Europe, 28% from the US and Canada and 8% from the Far East.
The fund will focus on investments in Italian companies or companies with an Italian management team with a turnover of between €200m and €500m.
The group’s last fund Investitori Associati III raised €400m in 2002 and is 75% invested in 11 deals. It has already made two exits from Lottomatica and Pharmalogistics.
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