Sella Venture Partners, Italy-headquartered financial services group Sella’s venture capital arm, has reached the €30m ($35.3m) first close for a fund of funds backed by multiple corporate limited partners.
The group’s banking subsidiaries, Banca Sella and Banca Patrimoni Sella & C, contributed to the fund along with peers Banco BPM and Fenera Holding, insurance firms Aviva and HDI Assicurazioni, and unnamed individuals.
Sella Venture Partners Fund of Funds I is seeking additional investors for a second close on its way to a €100m target. It is expected to conduct deals for four years in Europe and the United States.
The fund has already backed Lead Edge Capital V, an information and communications technology (ICT)-oriented vehicle for growth equity firm Lead Edge Capital, and ABV 8, a fund managed by life sciences-focused VC firm Abingworth. It plans to make three more investments in the ICT and biotechnology sectors before the end of 2020.
Sella Group CEO Pietro Sella is also chairman of Sella Venture Partners, and the fund is overseen by managing partners Grazia Borri and Luca Mannucci as chief executive and chief investment officer respectively.
