Italy’s Nextalia raises $ 635 million in first close of new private equity fund

LONDON, Nov.26 (Reuters) – Italian asset management firm Nextalia has raised more than 500 million euros ($ 564.5 million) in the first close of its new private equity fund focused on mid-market transactions in the third largest economy in the euro zone.

Nextalia, led by former Mediobanca banker Francesco Canzonieri, said on Friday it had raised a total of € 563 million and aimed for a firm cap of € 800 million in equity commitments in the first half of 2022.

Fundraising is the first most important close for a newly founded private equity firm in Italy, where the economy is rapidly recovering from the impact of the COVID-19 pandemic thanks to 191.5 billion euros grants and loans from the EU Recovery Fund. Read more

Canzonieri said his company relies on a network of “strong relationships within the business community” and “an industrial approach to creating long-term sustainable value.” He added that the private equity sector is a key factor in the growth and success of Italian companies.

The Milan-based investment firm has raised funds from a wide range of private investors with more than 15 banks and insurance companies providing around 45% of the total liabilities for its first close and more than 10 pension funds and banking foundations plowing in an additional 20% of commitments.

Canzonieri, a savvy trader who started his career at Goldman Sachs in 2000, created Nextalia earlier this year and obtained regulatory approval from the Bank of Italy in July.

Its investment platform aims to take majority stakes in Italian companies with high growth potential and was launched with the help of Italy’s largest bank, Intesa Sanpaolo, insurer UnipolSai Assicurazioni, of the agricultural association Coldiretti and the venture capital firm Micheli Associati.

Nextalia said it has bolstered its nine-person investment team – which includes former DC Advisory Italy CEO Alberto Vigo and former Clessidra CEO Matteo Ricatti – with a new director joining the company in January. He also added professor of information technology Vincenzo Morabito to his panel of industry advisers.

($ 1 = € 0.8858)

Reporting by Pamela Barbaglia; Editing by Louise Heavens and Mark Porter

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