DKB hires team for Italy

In line with its intention of developing a mid-market private equity business throughout Europe, Dresdner Kleinwort Benson recently set up an Italian operation, DKB Private Equity Italia.

In Italy, as much as in Germany, a shortage of seasoned private equity managers is often a barrier to entry for overseas players. DKB, however, was fortunate enough to sign up three professionals with experience not only of the private equity market but also of working together as a team.

Enrico Ricotta, who leads DKB’s Italian team, was most recently general manager of the ABN Amro/IMI joint venture. Senior executives Francesco Della Valentina and Lucio Ranaudo both join from GE Capital Private Equity Milan, which undertook a number of co-investments with the ABN Amro/IMI fund.

The Italian team, currently based in Dresdner’s Milan offices, are already active, according to Kleinwort Benson Development Capital (KBDC) director Andrew Hartley, with one investment already approved and another in the final stages of the approval process at press time.

For the time being, DKB Private Equity Italia will invest from a euro 25 million allocation from its parent bank, but Hartley reveals that plans to launch an Italian fund of as much as euro 100 million are well advanced and receiving strong interest from investors.

Globally, DKB Private Equity manages more than euro 2 billion in equity and mezzanine funds and has teams based in London, Frankfurt, Madrid, Milan, Warsaw, New York and Hong Kong.

At the end of this year, Andrew Hartley and fellow director Richard Green, who combine 22 years of private equity experience, will take over as joint managing directors of KBDC when Barry Dean, the current managing director, steps up to become deputy chairman. Hartley, who will be responsible for liaison with DKB’s continental private equity operations, says the group is working to enter other key European markets and is currently in discussion with teams in France and Scandinavia.