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.

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