Alto Capital IV has held a first close at €103.5 million. The firm’s fourth fund has been in the market for three months and expects to hold a final close within the next six months. The fund will follow the same strategy as the firm’s first three funds, targeting food, luxury, design, mechanics and services industries based in Northern Italy.
Of the 42 investors that have invested into the vehicle so far, half are domiciled in Italy and more than half have re-upped from the firm’s previous fund.
Alto Capital III held a final close in March 2013 at €120 million. Fondo Italiano di Investimento SGR SpA, the European Investment Fund and Veneto Banca were among the investors in this vehicle.