Mid-market European tech investment house Volpi Capital has soared past its target for its sophomore fundraise to reach a €323m final close.
Volpi shrugged off the challenge of raising a fund through the pandemic by surging past its €300m goal, with Fund II 75% larger than its €185m debut fund from 2018.
Fund II will focus on businesses providing mission-critical services to enterprise customers, where technology is displacing traditional business models.
Volpi said LPs were attracted to the firm’s tech-enabled focus and resilient portfolio, which grew EBITDA by 27% in 2020.
The firm said it secured substantial new commitments from blue-chip European (70%) and US (30%) institutions, including university endowments, fund of funds, insurance companies and family offices.
Fund II has already been tapped for five investments to date, backing Dutch IT services company Mansystems, Norwegian FSM software provider Asolvi, Dutch fleet management software provider Moving Intelligence, Danish software and solutions business Boyum IT and Profit Software, and a Nordic IT services company for the insurance and banking sectors.
Volpi partner Crevan O’Grady said, “It is fantastic to see the investor support we have received in raising Fund II, especially at such a tumultuous time.
“We look forward to working with our investors, new and existing, to continue building pan-European tech-enabled assets capable of generating exceptional returns.”
Fellow partner Marco Sodi added, “The market conditions we have seen in the past year have served to validate the robustness of our thesis and accelerate the long term trends we have been investing behind since inception.
“Throughout 2020 we have continued to identify attractive opportunities, reflected in our strong deployment, and we look forward to delivering more outstanding deals for our investors in Fund II.”
The Volpi Capital II fundraise was advised by Rede Partners. Loyens and Loeff and MJ Hudson acted as legal advisors.
Volpi typically invests €25m to €75m of equity in businesses with enterprise values between €50m and €200m.
The firm, which was founded by O’Grady and Sodi in 2016.
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