Muzinich Italian fund holds second close on €200m

The fund has garnered commitments mainly from Italian institutional investors.

Asset manager Muzinich & Co. has held a second close on its Italian Private Debt fund on €200 million, the firm announced.

Investors to the fund are primarily Italian. Muzinich has seen interest from international investors but the corporate lender is more focused on marketing locally, a spokesperson for the firm told PDI.

Investors include a variety of institutional investors including insurance companies, pension funds, banks and family offices.

It has further commitments for another close on the fund, the spokesperson said. A final close is anticipated around September.

Milan-based Valeria Lattuada, head of the Italian Private Debt Fund, said in a statement: “I am delighted that the Fund has reached €200 million of committed capital thanks to the support of existing and new investors. The Italian private debt market for medium size companies is still early in its development, but entrepreneurs as well as financial sponsors are increasingly willing to explore alternative sources of financing. We are confident that we will play a key role in developing this market.”

Muzinich Italian Private Debt Fund held a first close on €156 million in April 2014 with an initial target of around €200 million, although it was signposted that around $400 million could be within reach, as previously reported by PDI. The firm has announced two deals from the fund so far.

The Luxembourg SICAV-SIF fund is closed-ended with an investment period of two years and can be extended by one year. It targets companies with revenues of €50 million to €500 million with a minimum EBITDA of around €7 million.

Muzinich has a number of other European debt funds in market. The Iberian Private Debt Fund, which will invest in Spain primarily but Portugal also, reached €80 million on its first close in December 2014. A second close on the fund is anticipated in the summer. The initiative is headed by Rafael Torres Boulet. Muzinich is also marketing a UK private debt fund, as previously reported by PDI.

Founded in 1988, Muzinich has assets under management of €20.8 billion, as of December 2014. It is headquartered in New York and has offices in London, Milan, Paris, Cologne, Madrid and Zurich.