Investitori Associati IV raises €700m

The Milan-based firm has closed its fourth buyout fund on €700m, the largest Italian fund ever raised.

Investitori Associati, the Milan-based private equity firm established in 1993, has closed its fourth buyout fund on €700 million ($864 million), €100 million above its original target. The fund is substantially larger than the firm’s last vehicle, Investitori Associati III, which closed in 2000 on €400 million.

According to Dow Jones, 58 limited partners invested in the new fund, of which 13 committed more than €20 million each.

Investitori Associati, run by senior Partners Antonio Tazartes, Stefano Miccinelli and Dario Cossutta, did not use a placement agent to organise the fund.
 
The firm is associated with some of Italy’s most successful private equity deals to date. During the 1990s, it made its name participating in transactions such as Panini, the sticker maker, and the first private equity backed buyout of Seat Pagine Gialle, the directories business.  Investitori Associati funds I and II, formed in 1993 and 1995, generated IRRs of 200 and 270 percent, respectively, according to a source close to the firm.

The new fund’s close comes almost a year after domestic rival BS Private Equity, which closed a €550m vehicle in August 2003. Currently in the market is Clessidra Capital, the first time fund that achieved a first close of €560m last year and is working towards a €1 billion target.