Enpam, the Italian doctors and dentists’ pension fund, bet 150 million euros on Principia sgr’s new venture capital fund. Principia III-Health just announced a first closing at 160 millions and targets a total of 400-500 millions which is a huge ampount of money for a venture capitl fund in Italy.
Also Inarcassa, the Italian engineers and architects’ pension funds, is said to be ready to subscribe a significant stake in the fund.
Principa sgr’s plans did change a lot in the last year. In Spring 2013 former vicepresident and head of Principia sgr’s investments, Michele Costabile, told MF-Milano Finanza that the firm was preparing the launch of two new venture capital funds, one of those targeting medical and diagnostic sectors and the other targeting made in Italy products (excluding food&beverage). Both the two funds would have a fundraising target of 100 millions each.
Principia II closed its investment period in March 2013 when it has invested more than 53 million euros in 30 companies in the South of Italy.
Michele Costabile resigned from Principia sgr last Summer (but he is still in charge of Principa II fund’s portfolio and of the last company in Principia I’s portfolio, i.e. Banzai web company). Leading the venture capital firm is now Antonio Falcone, former head of investments for Kairos and Inarcassa and former representative of both the firms in Principia funds’ assembly of subscribers.