Mediolanum State Street SGRpA - the 1998 joint venture between State Street Global Advisors and Mediolanum - has made a EUR160m (£100m) initial close of its Italian private equity fund of funds - the first of its kind in Italy.
With a duration of ten years, Fondamenta is authorised by the Banca d’Italia. Banca Commerciale Italiana are acting as custodians.
The fund invests 60-70% in Italian private equity funds and 30-40% in Italian co-investments. Commitments amounting to about EUR34m have already been made to Arca Impresa, Convergenza, Opera and Emerald. Other institutional investors have committed to the fund including Fondazione Cariplo, Fondazione Cariverona, Cassa Forense in addition to State Street Global Advisors and Mediolanum Vita.
Mediolanum State Street SGRpA added that it will use a number of criteria when selecting both the managers for the fund of funds line-up and the small and medium-sized companies that will make up the co-investments. Selection will be based on management qualifications, strategy and alignment of interest, with an in-depth process of due diligence.
By Madhu Kalia
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