Xenon closes sixth fund on €184m

The Italian private equity firm closed the firm above its €150 million target

Xenon Private Equity Limited, an Italian middle market private equity firm, has closed its sixth fund on €184m. The fund was oversubscribed and beat its €150 million target.

Xenon declined to comment on fundraising.

No investments have been made out of the fund while it was in market, according to sources familiar with the firm. The vehicle was subject to CSSF approval before it could invest. It received that approval last week.

Fund VI will build on the same strategy as predecessor funds, focusing on middle market companies in the industrial region of Northern Italy in manufacturing and non-capital intensive industries.

The fund is of similar size as previous vintages – Xenon's previous fund, Xenon Private Equity V closed in September 2009 at €150 million. LPs in that fund include Akina, Berenberg Private Capital, Capvent, Indiana Public Retirement System, Massachusetts Pension Reserves Investment Management Board and RWB Private Capital Fonds, according to Private Equity International’s Research and Analytics division.

Investors have rewarded Italian GPs in recent months. PEI reported in February on the generous fundraising environment for both Xenon, and Milan-based Consilium, which held a first close on its latest fund in February after coming to market late last year.