Italian growth investor Alcedo has surpassed its €150 million target for its third fund, raising €178 million in under six months.
The vast majority of commitments were attracted from domestic limited partners; entrepreneurs from North East Italy accounted for 44 percent of the fund, while Italian financial institutions made up a further 35 percent.
International investors made around €34 million-worth of commitments, with €25 million coming from the European Investment Fund, a development fund for European small businesses.
Alcedo III is the firm’s first fund raised as an independent private equity firm.
The firm’s founders, Giovanni Gajo, Maurizio Masetti and Maurizio Tiveron, were originally founder members of the Benetton family’s private equity firm, 21 Investimenti, alongside Alessandro Benetton
The team left 21 in 2000 and founded Alcedo as the captive private equity operation of banking group Banca Cardine. Alcedo’s first two funds, Cardine Impresa and Eptasviluppo, were raised and invested on behalf of the bank and its clients.
Gajo, Masetti and Tiveron spun the firm out in 2005.
Alcedo has already made three investments on behalf of Fund III: it has backed household goods manufacturer Gimi and two industrial parts manufacturers, Lafert Group and OCN. Several other investments are “in advanced stages”, according to a statement.
Alcedo typically invests between €5 million and €20 million in businesses with enterprise values of up to €120 million.
In October lower mid-market Italian private equity firm IA Partners held a first close on €25 million on route to a targeted €80 million.