Italian lower mid-market buy-out firm Xenon Private Equity has held a first closing on €113m for its latest vehicle, Xenon V.
The fund, which started fundraising in November 2008, has a target of €130m and a hard cap of €150m.
Xenon V approached and attracted a mix of international investors including fund of funds, insurance companies and pension funds worldwide, hailing from Finland, Germany, Switzerland, the UK and the USA, the firm said.
Xenon V will focus on investments in companies with an enterprise value between €20m and €50m.
Xenon V expects to make 12 to 15 investments with an equity ticket between €7m and €10m, according to a statement.
Xenon Private Equity was established in 2009, founded by Danilo Mangano, Alberto Castelli, Riccardo Bosco, Franco Prestigiacomo, Giorgio Pastorelli and Stefano Calabrò.
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