Muzinich & Co., an international asset management firm, has reached the first close of its Italian Private Debt fund, at €156m.
The Luxembourg SICAV-SIF fund, which will hold an additional close later in the year, has been backed by a variety of Italian and non-Italian institutional investors, such as insurance companies, pension funds, banks and family offices.
It is financing Italian small and mid-size enterprises targeting companies with revenues of €50-500m and EBITDA of at least €7.5m and wishing to grow their businesses through international expansion
The Italian Private Debt fund expects to provide companies with 5 to 7 year term financing in amounts of €10-20m. It will have a diversified portfolio of companies largely focusing on industrials, consumer goods, food, luxury, retailing, healthcare, communications, transport and business services.
Companies in operational recovery, startups, real estate, banking/finance and high-tech will not be considered for financing.
The vehicle is managed by a combined team of Italian investment professionals based in Milan and private debt specialists based in London and New York.