Synergo SGR targets Italian entrepreneurs

Synergo SGR, a new Italian fund manager set up by Italian VC veteran Gianfilippo Cuneo and Benedetto de Benedetti has held a second close on its maiden fund, Sinergia con Imprenditori. The fund has raised E188m so far, with E82m reserved for co-investments. Over 20 institutional investors have invested in the fund with 785 coming from Europe and 22% from the US. Quilvest is a cornerstone investor in the fund. Other investors included AlpInvest Partners, Banque Pictet, Electra Investment Trust, Gartmore and Stanford University.

The fund will invest in minority stakes in businesses being built by Italian entrepreneurs. It doesn’t have a specific sector focus, but will be investing in companies with an enterprise value of at least E50m.

A final closing of the fund is scheduled for the end of 2005. It will be capped at around E300m.

Cuneo and de Benedetti are joined by two junior partners Flavio Abbondati who joined from Permira and Matteo Cirla from a banking background at ABN AMRO and Abaxbank.