Gruppo Banca Leonardo, an investment bank, has acquired a 20% stake in Italian private equity firm BS Private Equity, with a view to buying the remainder of the business in the future.
No price was given for the stake purchase. However, Gruppo Banca Leonardo said that it will inject EUR 20m into its fifth generation private equity fund, which has a target of EUR 600m (US$945m).
BS Private Equity's partners will also commit EUR 20m to the fund, which will for the first time be open to Italian investors. Italian Private Equity Fund V's predecessor raised EUR 550m in 2003. West Midlands Pension Fund was one of Fund IV's UK investors, putting EUR 8m into the vehicle, along with Standard Life Investments