Alto Partners, an Italian mid-market private equity firm, has closed its second fund on an undisclosed amount.
The fund, Alto Capital II, attracted support from 58 new European and US investors, including Bear Stearns Private Equity, Granite Capital and Partners Group.
The European Investment Fund was the only investor from the first fund to re-invest in the second.
The fund will invest only in Italy, and will target companies in the consumer goods, food and leisure sectors. It will pursue the same strategy as the first fund, except that it will not invest in start-ups. Most of the fund will be spent on control investments, and the remaining part in minority stakes.
Raffaele de Courten, founding partner at Alto Partners, said: “We aim to achieve a cash multiple for the fund of between 2.5 and 3.5 times.”
Founded in 2000, Alto Partners currently has €190 million under management. Its first fund was closed in 2000 on €205 million.