Xenon closes sixth private equity fund

Italian mid-market private equity firm Xenon has raised 184 million euros in the final close of its sixth private equity fund. The target was 150 million euros. Its LP base includes pension funds, sovereign funds, funds of funds, foundations and endowments. Campbell Lutyens & Co. served as the placement agent.


Xenon Private Equity Limited (“Xenon”), a leading Italian mid-market private equity investment manager, is pleased to announce a first and final closing of its latest fund, Xenon Private Equity VI, with €184 million of commitments. The fund was substantially oversubscribed.

Xenon Private Equity VI held a first and final close on 21st March 2014 at its hard cap of €184 million, significantly exceeding the €150 million target. The fund vehicle was subject to CSSF approval, which was received last week. Xenon’s previous fund, Xenon Private Equity V, closed in September 2009 at €150 million.

Xenon Private Equity VI attracted commitments from a well-diversified group of investors, including pension funds, sovereign funds, funds of funds, foundations, endowments and other institutional investors.

“We are delighted to have been able to close our new fund at its hard cap and exactly to timetable”, said Danilo Mangano, Chairman and CEO of Xenon. He added: “Our dedicated approach to origination and intensive senior engagement with portfolio companies resonated well with investors. We feel privileged to have been able to welcome a number of leading, blue chip investors from around the globe as new limited partners”.

Xenon Private Equity VI will continue Xenon’s highly successful investment strategy of targeting equity investments in lower mid-market companies based in the industrial region of Northern Italy which operate within manufacturing and non-capital intensive service industries. It will target companies which have the potential for strategic and structural change, predominantly through the immediate combination with a complementary business. The Xenon team seeks to leverage its extensive industrial experience to lead the companies’ transformation to become more competitive and international entities.

Campbell Lutyens & Co. Ltd acted as sole global placement agent for the offering.

King & Wood Mallesons SJ Berwin provided legal counsel.

Xenon Private Equity Limited is a leading private equity investment managerfocused on investments in market-leading manufacturing and non-capital intensive service companies based in Northern Italy. Since 1990, the Xenon team has completed 46 investments and 45 add-on acquisitions in the Italian lower mid-market.