Volpi Capital beats target with second fund holding final close at €323m

Volpi Capital beats target with second fund holding final close at €323m

Volpi Capital, the London-based mid-market tech investor, has 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, funds 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.

We're delighted to have worked with Volpi for a second time acting as global placement advisor for this fundraise.