Rhône Group spin-out eyes debut fund

Px3 Partners is understood to be hitting the fundraising trail with its inaugural pan-Europe-focused fund.

A firm founded by former senior executives at Rhône Group is in early discussions for its first fund, Private Equity International has learned.

Px3 Partners, which stands for purpose, passion and performance, is understood to be seeking at least €750 million for its debut offering, according to two sources with knowledge of the matter.

The London-based mid-market firm is understood to have a thematic pan-European approach to investing.

Three former managing directors at Rhône, Gianpiero Lenza, Sébastien Mazella di Bosco and Petter Johnsson, as well as investor relations principal Vincenzo Narciso, left the firm in June to set up their own shop. The executives left the firm in the middle of Rhône’s capital raise: the firm has been in market with Rhone Partners VI since December 2019 with a €3 billion target, according to PEI data.

During his time at Rhône, Lenza focused on branded and non-branded businesses operating in the food and beverage, luxury and apparel, health and personal care, retail, and leisure and fitness segments, according to his LinkedIn profile. Mazella di Bosco led investments in sectors including diversified industrials, packaging, aviation, business services and consumer goods across Europe and North America. Johnsson mainly focused on business services transactions in the same geographies.

Px3 declined to comment.

Some 3,060 private equity funds in market as of 1 July were targeting $703 billion between them, roughly 10 percent or $68 billion are sought for by Europe-focused funds, according to PEI’s half-year 2021 fundraising report.

Read more about spin-outs in PEI’s December deep dive here.