PM & Partners closes €340m Fund II

The Italian mid-market private equity house has overreached its fundraising target by €40m despite the tough fundraising environment.

Italian private equity firm PM & Partners has closed its second fund at €340 million, exceeding its €300 million target.

PM & Partners Fund II will target management buyouts and growth opportunities within the Italian mid-market, with enterprise values of between €30 million and €250 million.

The fund held its first close in October 2007 at €260 million.

Its limited partners were predominantly from outside Italy, with German, Swiss, British and American LPs making up 54 percent of the total commitments. In total, 57 percent of investment came from institutional investors, 28 percent came from banks and insurance companies and 14 percent came from family offices. The firm used JPMorgan Cazenove as placement agents.

PM & Partners II’s first investment was made in October 2008, when it purchased a majority stake in air conditioning, heating and sanitary waste distribution provider, Emmeti.

PM & Partners was founded in 2000 by Francesco Panfilo and Andrea Mugnai and it is headquartered in Rome, with another office in Milan.