Volpi Capital beats target with second fund holding final close at €323m
- Volpi Capital II surpasses its €300m target, closing at €323m and taking firm AUM to over €500 million
- A 75% fund size increase from Fund I with strong support from North American endowments and blue-chip European institutional investors
- Volpi will continue its strategy of backing ambitious, tech-enabled, B2B businesses in Northern Europe (27% EBITDA growth generated across Fund II investments in 2020)
London, 12 January, 2021: Volpi Capital, the London-based mid-market tech investor, has today announced the final close of its second fund at €323 million (excluding co-investments) surpassing its €300 million target. Despite the challenges of fundraising during the pandemic, the new fund is 75% larger than Volpi’s predecessor fund which closed in March 2018 on €185 million.
This successful fundraise enables Volpi to continue its thematic, “Pick-Your-Partner” approach to investing in Northern European tech-enabled businesses. As with Fund I, Fund II will focus on businesses providing mission-critical services to enterprise customers where technology is displacing traditional business models. Volpi takes a partnership approach to working with management teams to accelerate growth, driving transformation through product expansion, internationalisation and ambitious buy-and-build programmes.
Investors were attracted to Volpi’s tech-enabled focus and resilient portfolio, which grew EBITDA by 27% in 2020. Volpi secured backing from both existing investors, and substantial new commitments from blue-chip European (70%) and US (30%) institutions, including university endowments, fund of funds, insurance companies and family offices.
The growth seen in Volpi’s assets under management reflects the growth of Volpi Capital itself. Today Volpi comprises an internationally diverse team of 17, which will continue to grow as the Fund is invested.
The Fund has already made 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; a Nordic IT services company for the insurance and banking sectors.
Crevan O’Grady, Partner at Volpi Capital 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”.
Marco Sodi, Partner at Volpi Capital said:
“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.
About Volpi Capital
Volpi Capital is a specialist Northern European lower mid-market private equity firm seeking ambitious businesses that use technology to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, today comprises 17 professionals. Volpi closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million and its second fund (Volpi Capital Fund II) in December 2020 with €323 million of commitments.
For further information visit https://www.volpicapital.com/
Volpi Capital – Samantha Lang T. +44 203 747 2625