Quadrivio Capital, an Italian investment firm, has reached the first close on its debut private debt fund after collecting €120 million from investors.
The Fondo Italiano d’Investimento, a fund of funds backed by the national government, was among a number of institutional investors committing to the strategy that will predominantly target the senior secured space.
Headed up by partner Galeazzo Scarampi, the vehicle is providing loans to Italian small and medium-sized enterprises valued in the range of €50 million and €500 million. Both senior secured and unitranche instruments will be used to finance transactions and the fund is open to investing in secondary loans. Quadrivio is also open to junior debt investments and bond instruments.
Overall, the fund is aiming to raise €300 million at final close (without leverage) and is seeking returns of 5 percent.
Scarampi said: “The opportunities in the Italian market, combined with experience and complementary team professionals in structuring tailor-made operations and the analysis of creditworthiness, will allow us to generate attractive returns for investors and provide businesses with a viable alternative to fund strategies.”
Scarampi declined to comment further on the strategy.
Quadrivio was among a number of firms selected by Fondo Italiano d’Investimento to manage a private debt mandate. Ver Capital was one beneficiary and is on track to raise €150 million for its fifth vehicle investing in senior debt. Muzinich, a New York-headquartered alternative lender, also obtained commitments from the government-backed entity.