Volpi Capital Announces the Close of Volpi Fund III at €428 million

London, 23 July 2024: Volpi Capital LLP (“Volpi”), a specialist technology investor in the European lower mid-market, is delighted to announce the final close of Volpi Capital Investments III (“Fund III” or the “Fund”), at €428 million.

Fund III will build on Volpi’s track record of partnering with founders and management teams across Europe to accelerate growth in B2B software and services businesses. Typically investing €25-100 million of equity in companies with enterprise values between €50 million and €200 million, Volpi aims to drive transformative growth through ambitious investments in products, markets, technology and team.

Fund III has already invested in three businesses: Xalient, Cyclomedia, and Yaveon, all demonstrating excellent performance, and signalling strong outsized return potential for investors.

The substantial increase in the Fund size by ~33% is testament to the development and build-out of the Volpi team, while maintaining commitment to a thematic sourcing and disciplined deployment approach. The team expansion is ongoing, with additions to horizontal portfolio capabilities and further development of the Sustainability strategy. The close of Fund III follows the full realisation of Fund I last year, which was a top-performing Fund for its vintage, achieving gross returns of 3.6x within eight years.

Volpi’s LP base is increasingly diversified; the Fund attracted significant support from existing LPs and welcomed several new institutional investors, with representation from across Europe and the United States. The close of Fund III follows on from the successful Conti transaction, a €250 million equity raise in 2023, with Volpi’s total capital under management now surpassing €1.1 billion.

Commenting on the final close, Crevan O'Grady and Marco Sodi, Co-Founders of Volpi Capital said, “We would like to thank our investors for trusting with their capital and we are dedicated to delivering on our commitments. Fund III marks a significant step in our mission to support ambitious management teams operating in our core technology clusters, where we see sustainable long-term growth opportunities. The team are excited about the early success of the initial Fund III investments and look forward to accelerating further growth and value creation.”

Rede Partners acted as the global fundraising advisor for Fund III.

About Volpi Capital

Volpi Capital is a specialist European lower mid-market private equity firm focused on investing in macro-favoured technology themes. Founded in 2016 by Crevan O’Grady and Marco Sodi, Volpi Capital successfully closed its second fund (Volpi Capital Investments II) in December 2020 with €323 million of commitments.

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