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Muzinich’s Italian Private Debt fund holds first closing at EUR156m

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Muzinich & Co’s Italian Private Debt fund, a closed-end fund dedicated to financing Italian small and midsize enterprises, has held its first closing at EUR156 million.

Investors include a variety of Italian and non-Italian institutional investors, such as insurance companies, pension funds, banks and family offices.
 
The fund expects to have an additional closing later in the year for which it has already received significant interest from potential investors. 
 
The fund is a Luxembourg SICAV-SIF that has been passported into Italy for sale to professional/qualified investors. The fund is completely independent in its decision making and is not affiliated with any bank or other financial institution.
 
Muzinich & Co is researching other European markets, including the UK, for similar private debt opportunities and assessing institutional investor appetite for such investments.
 
The fund targets companies with revenues of EUR50 million to EUR500 million and EBITDA of at least EUR7.5 million. It expects to provide companies with five to seven year term financing in amounts of EUR10 million to EUR20 million. The fund focuses on providing companies with growth financing, particularly those wishing to grow their businesses through international expansion.
 
The fund will have a diversified portfolio of companies. It will largely concentrate its investments in the following industries: industrials, consumer goods, food, luxury, retailing, healthcare, communications, transport and business services. Companies in operational recovery and start-ups will not be considered for financing. Real estate, banking/finance and high-tech will also be excluded.
 
The fund is managed by a combined team of Italian investment professionals based in Milan and private debt specialists based in London and New York.
 
Muzinich is an international asset management firm, founded in 1988, specialising in corporate credit. It had assets under management of EUR20.8 billion at the end of March 2014.

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