Italy’s Alcedo closes fund at €195m

Italian private equity firm Alcedo SGR has approved the early closing of its fourth fund, after raising €195m.

The Alcedo IV fund was closed in just six months, as it exceeded its €175m target.

Foreign institutional investors accounted for 50% of commitments, including existing investors in Alcedo III, who doubled their commitment. Italian institutional investors and family offices accounted for the remaining 50%.

Alcedo IV’s investment strategy will remain entirely consistent to that of its predecessor, mainly focusing on leading export-oriented Italian SMEs, driving their medium to long-term growth through strategic repositioning and operational improvement, the PE firm said.

In February this year, Alcedo IV completed its first investment, with the €11m purchase of Exa Group, a general contractor specialized in setting up boutiques for luxury and fashion brands.

The previous fund, Alcedo III, raised €173m and made 10 investments. Alcedo III’s portfolio currently consists of five companies, having completed five divestments and a partial divestment through the IPO of Masi Agricola, which took place in June 2015.

The Italian PE firm was assisted by Acanthus Capital, a placement agent based in London and focused on mid-market private equity funds, and received legal advice from Alessandro Corno and Giovanni Meschia of Jones Day, and Roberto Sparano of Studio Quorum.

ABOUT THE AUTHOR
Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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