Italian PE Firm Alcedo Closes Third Fund

Alcedo, a private equity firm focused on mid-market opportunities in Northern Italy, has closed its third fund with €178 million in capital commitments.


Treviso –Alcedo has held a final closing of Alcedo III at EUR 178 million. The final closing
occurred earlier than expected and well beyond the initial target of EUR 150 million.

This successful fund raising is particularly noteworthy given the current turmoil in the financial
markets and the economic downturn.

Alcedo III has received strong support from a well-diversified group of investors:
• Entrepreneurs from the North East of Italy: 44%
• Local and national financial institutions: 35%
• International institutional investors: 19%
• Alcedo management: 2%

Among local and national financial institutional investors are Veneto Banca, Palladio Finanziaria,
Fondazione Cassa di Risparmio di Padova e Rovigo, Credito Trevigiano and IMI Investimenti from
the Gruppo Intesa SanPaolo. Of particular importance among the international investors is the EUR
25 million investment from the European Investment Fund.

Investment strategy

Alcedo III will invest in family-owned small mid-cap businesses with high growth potential located
in the North of Italy. The fund will acquire majority and minority stakes in companies in
partnership with entrepreneurs and management teams in order to foster growth, facilitate
generational transition, develop company management and participate in the consolidation of
various sectors.

Alcedo seeks to not only provide capital but especially to help entrepreneurs make key strategic
decisions concerning growth initiatives, restructuring or reorganisation their businesses.

Alcedo III focuses on growth acceleration and strategic repositioning to develop value creation
through: strengthening of management teams, improvement of corporate governance and
information systems, new product development, development of new distribution channels and
external growth through acquisitions.

“We are very pleased – comments Maurizio Masetti, Managing Partner of Alcedo SGR – with the
highly successful outcome of the Alcedo III fundraise. At a time of significant challenge in the
European economy, we have raised a fund well above our expectations and which has already
completed three investments and with several other highly attractive prospective investments in
advanced stages.”

Giovanni Gajo, Chairman of Alcedo SGR – “is particularly proud of the substantial presence of
important North Eastern Italian entrepreneurial families as well as sophisticated institutional
investors, including the European Investment Fund, serving as a testimony to the professionalism of
the Alcedo team and the trust built over the years”.