Consilium pulls pre-crisis fund restructuring process – exclusive

The Italy-focused buyout firm was mulling a process on its 2007-vintage vehicle, which has four remaining assets including a shoe manufacturer.

Consilium Private Equity, a Milan-headquartered buyout firm, has decided against restructuring its pre-crisis fund, Secondaries Investor has learned.

The Italy-focused small and mid-market firm was working with Evercore to run a process on the 2007-vintage Consilium Private Equity Fund, according to two sources familiar with the deal.

The reasons for the transaction not going ahead are unclear.

Consilium Private Equity Fund held its final close in 2007 on €150 million, above its target of €100 million, according to PEI data. Investors in the fund include the European Investment Fund and Paris-headquartered asset manager LFPI.

It has made four realisations and holds four remaining assets, including footwear manufacturer De Fonseca and sports apparel company Macron, according to Consilium’s website.

The successor fund, which is called Consilium Private Equity Fund III, raised €145 million out of a €150 million target. It held its final close in 2015 after around two years in market, according to PEI data. Fund III has made four investments, according to the firm’s website.

Consilium spun out of fund of hedge funds Kairos Partners in 2005. It is led by Antonio Glorioso and Stefano Iamoni, Kairos’s former private equity heads.

Italy has been the site of a number of complex secondaries deals in the past six months. In February Montana Capital Partners backed the management buyout of troubled Italian bank Banca Popolare di Vicenza‘s private equity business Nem, Secondaries Investor reported.

In October 2017 Neuberger Berman backed the spin-out of the private equity arm of Italy’s Fondo Italiano d’Investimento in a deal valued at around €300 million.

Evercore declined to comment. Consilium had not replied at the time of publication.