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Europe-based Sienna Private Equity has announced that its inaugural fund has reached €400m ($442m) in commitments from investors.

Sienna Private Equity focuses on opportunities across Europe, particularly in France and Italy.

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After a first closing of the fund in January 2024 with anchor capital provided by cornerstone investor Groupe Bruxelles Lambert (“GBL”), the company successfully completed a second closing during the summer with tier-one institutional investors and family offices.

Fiurthermore, investors added over €125m of new commitments, in addition to close to €100m of co-investments already secured on the first two seed assets bringing the firm’s total commitments to over €400m.

Sienna Private Equity Fund I is currently seeded with two portfolio companies, namely Eight Advisory and ECT.

In addition, Sienna Private Equity is in exclusive discussions which should translate into additional transactions before year-end with potential co-investment opportunities for its investor partners.

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Sienna Private Equity Fund I is close to its target fund size and will aim to hold its final closing between the last quarter of 2024 and first quarter of 2025. Houlihan Lokey is acting as adviser in the fundraising.

Vincent Catherine and Hugo d’Avout, co-founders said: “We are delighted to welcome tier-one institutions to pursue our strategy in an attractive period to deploy capital marked by some stabilisation of interest rates, relatively lower valuations and increasing deal flow.”

Alessandro Fogo added: “We are excited to welcome Italian investors in the fund given that our strategy fits particularly well the Italian market characterised by a vast majority of primary lower mid-market situations.”