Mandarin Capital Partners private equity fund announced the final close of its second fund just under 200 million euros (download here the press release). Thte Italian-sino private equity company managed by Alberto Forchielli, Enrico Ricotta and Lorenzo Stanca had announcedd a first closing in the fundraising of Mandarin Capital Partners II fund in July 2013 at 110,5 million euros (download here the press release).
MCP I had raised 328 million euros from both Italian and Chinese institutional investors in 2007 and had been investing in Italian and Chinese companies targeting international growth in China and Europe respectively. The first fund made 10 investments and 7 divestments and is expected to sell the remaining portfolio by early 2018.
The fundraising has seen the re-commitment of a significant number of Italian investors, who had already participated in MCP I, including Intesa Sanpaolo bank, as well as new commitments from well known international investors ranging from HarbourVest, Neuberger Berman, LGT, LFPE, Idinvest, HQ-Auda and the family office of Roland Berger. In addition, Guosen Securities, the second largest Chinese brokerage firm, with nearly 12,000 employees and a strategic partner for the Intesa group, has also made a material commitment.
MCP II has already deployed nearly 40 million euros in two completed deals and is in the process of completing three more, including the recently signed agreement to purchase majority control of Ladurner Ambiente via a strategic partnership with Zoomlion Heavy Industry, the Shanghai-listed, construction and environmental machinery maker. The latter deal has been announced last June (see here a previous post by BeBeez). Zoomlion invested 67 million euros for its 57% stake in the company while Mandarin fund bought a 18% stake and the company management retained a 25% stake.