Xenon Private Equity, an Italian private equity firm founded this year, has reached a first close of €113m for its fifth fund, Xenon V.
Launched in November 2008, it has a hard cap of around €150m, and is the latest vehicle managed by a team that has been together since the early 1990s.
It is the first fund the team has raised from third-party investors. In the past its money came from exclusive relationships with private individuals or family offices.
Xenon was set-up to focus on the Italian market, and is fully owned by six executives, led by CEO Danilo Mangano and CFO Alberto Castelli.
This latest offering aims to make investments in companies with an enterprise value between €20m and €50m, and expects to make 12 to 15 deals, investing between €7m and €10m per deal.