Yarpa Investimenti sgr announced yesterday the first closing of thew fundraising of its sixth private equity fund of funds reaching 100 million euros on a total 150 million euros target to be reached by mid- 2019, Italia Oggi newspaper wrote.
The fund, launched last September, will invest both as a fund of funds and as a co-investment fund with focus on European mid-market.
Yarpa Investimenti sgr’s ceo Alessandro Lenotti, also said that last July “Yarpa was authorized to manage also individual portfolios for institutional investors: such a mandate for the private equity assedt class is a real news for the Italian market and by this month the first mandate will be active with a total target of about 50 million euros”.
Lenotti added that Yarpa’s investment approach is quite different from the traditional one as “we select and underwrite funds we think are interesting before going to our potential investors. We build the fund when we reach a 70-80% of our target asset allocation”. Tis means that investors subscribe a fund that has already a portofolio and can benefit of a significant saving on managing fees as well as of lower duration of their investment an of a higher liquidity rotation rate. All that without carried interest to ba paid to the managing company.
Yarpa sgr is controlled by Yarpa spa, based both in Genoa and Milan, which in turn is owned by Vittoria Assicurazioni spa (27%), LBO France (10%), Banca Passadore & C. ,Banco Azzoaglio and by a group of industrial and private investors of the North East of Italy such as Ignazio Messina & C, Rimorchiatori Riuniti spa and T. Mariotti. Yarpa spa also owns YLF spa, an investment veichle making direct private equity investments in Italy in joint venture with LBO France.