I2 closes €200m fund(2)

The Italian special situations investor has closed its first institutional buyout fund with third-party capital, €20 million above its original target.

I2 Capital, the Italian special situations investment grouphas closed its first third-party fund with €200 million ($270 million) of commitments.

I2 Capital Partners Fund beat its original €180 million target by €20 million, increasing its hard cap after attracting commitments from “sophisticated investors”, including European and North American pension funds, fund of funds and family offices. It also has a sizeable GP commitment, believed to be about €60 million – equivalent to one-third of the initial target.

London-based Acanthus Advisers acted as exclusive placement agent and financial advisor for the fund, which will technically be managed by APEI, a wholly-owned subsidiary of I2.

Founder Enzo Manes had been investing in Italian special situations since 1994, and his operation had since grown steadily.

The fund will target special situation opportunities in Italy, where it says conditions are currently “favourable”. It describes itself as a “value investor” rather than an operational turnaround specialist.

It will also look at portfolios of minority and majority stakes in operating businesses – potentially providing an exit route for buyout firms in the country looking to sell off the rump of their portfolio. A source said it was already in discussions about a number of deals of this type.