Italian fund closes on €120m

The Cape Natexis private equity fund has held a final close of its oversubscribed small and mid cap buyout fund, ahead of its €110m target.

Natexis Cape has announced the final close of its fourth fund, Cape Natexis Private Equity Fund, on €120 million ($148 million), ahead of its original target of €80 million to €110 million.

The new fund, which will focus on small and mid cap buyouts in the Northern region of Italy, received commitments from a number of international and Italian investors.

The firm was backed by cornerstone investor Natexis Private Equity International, about whom Simone Cimoni, chairman of Natexis Cape, said in a statement: “I am particularly pleased by the approach of Natexis Private Equity who scaled down their original commitment of €40 million to €30 million in order to allow new international investors access to the fund.”

Other institutional investors included CNP Assurances, Henderson Private Capital, Adveq Management and Fortis Private Equity. The fund was also backed by a number of Italian high net worth individuals and family offices, making up approximately 25 percent of total commitments.

The fund raising began in October 2003 and a first close was held in January 2004 on €87 million. Acanthus Advisers acted as placement agent for the fund.

The fund is the fourth advised by the eight-strong team at Cape (Cimino & Associati Private Equity) since its inception in 1999. The team has completed 14 investments since then and is headed up by founder Simone Cimino.