Investindustrial secures €500m for Fund III

Investindustrial, the buyout fund operating principally in the Italian and Spanish markets, has hard capped its latest fund, Investindustrial III, on €500 million ($599 million).

London-based MVision Private Equity Advisers acted as global placing agent to the fundraising, which was reported to have attracted more than €1 billion of interest. Investindustrial’s predecessor fund raised €323 million.

Investors in the fund include: Adveq; ATP Private Equity Partners; Mn Services (on behalf of clients); New York Life Capital Partners; Princeton University; Wilshire Private Markets Group; an unnamed Asian government investor; and an unnamed Ontario-based pension fund.

Of funds raised, 42 percent came from pension plans, insurance groups and banks; 35 percent from endowments and family offices; ten percent from government funds and agencies; nine percent from funds of funds; and four percent from other investors. North American investors accounted for 46 percent of the total; European investors 42 percent; and Asian investors 12 percent.

Said Investindustrial chairman Andrea Bonomi in a statement: “Since the 1990s, our strategy has consistently been focused on making control investments with a strong proprietary angle in the Italian and Spanish market. We believe Investindustrial will continue to be the ideal partner to capitalise on the attractive opportunities in these markets.”

Formed in 1990 and headed by Bonomi, Investindustrial has three senior principals (Dante Razzano, Filippo Aleotti and Carlo Umberto Bonomi); two principals (Michele Garulli and Salvatore Catapano); a special principal, John Mowinckel; and ten other investment professionals. The firm has offices in Milan, Madrid, London and Jersey.

Recent investments made by Investindustrial include Gardaland, an Italian amusement park, and Recoletos, a Spanish publishing group, while exits included Eutelsat, a global satellite operator, and Ruffino, an Italian Chianti wine producer.

The firm has recently been linked with a possible bid for a 35 percent stake in Italian motorcycle firm Ducati currently owned by US private equity firm Texas Pacific Group, and believed to be worth around €65 million.