Despite the difficult market environment, Italian mid-market private equity house PM & Partners has successfully completed fundraising for PM & Partners II with commitments of €340m. The fund beat its initial target of €300m.
Commitments were received from a diverse investor base. Fifty four percent was raised from foreign investors, including: Germany, Switzerland, the UK and the US. Overall, 57% was raised from institutional investors (including fund-of-funds, banking foundations and pension funds), 28% from banks and insurance companies and 14% from individuals and family offices.
Fund II will continue its strategy of investing in Italian mid-market deals with enterprise values between €30 and €250 million. In 2008, Fund II made a majority investment in Emmeti, a provider of thermo-hydraulic air conditioning, heating and sanitary water districbution systems for both residential and commercial purposes. Other investment opportunties are said to be under analysis.
JP Morgan Cazenove acted as a placement agent for the fundraising.