Italian venture capital firm Alto Partners SGR has held the first close of its fund, Alto Capital III.
Backers include the European Investment Fund (EIF) and Fondo Italiano di Investimento, which together can invest up to €50m in the fund, as well as other investors including financial institutions, family office and entrepreneurs.
Alto Capital III will support growth plans, both organic and through acquistions, reorganization plans, and generational passages, of approximately 10 companies (mainly SMEs).
EIF and Fondo Italiano di Investimento recently signed a co-investment agreement (read here) aiming at reinforcing the capitalization, development and internationalization of Italian SMEs with high-growth potential, through the mobilization of private resources under public sponsorship. Under the terms of the deal, EIF has made available an initial tranche of €100m.