Oltre Impact sgr’s Fund – Oltre III – Reaches €77 Million in Funding

Oltre III, the third fund launched by Oltre Impact sgr, has reached€ 77 million in funding, the fourth closing in 16 months, after €72 million was already reached last October.

The additional €5 million into Oltre III came from Inarcassa, the national pension and assistance fund for freelance engineers and architects, an investor who joined the larger pool of public and private entities such as Intesa Sanpaolo and Investcorp Tages Impact. Funding will continue throughout 2023 with a target of €100 million.

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Oltre III continues the mission of the previous vehicle

As a reminder, Oltre III, launched in 2021, announced its first closing in November of that year with more than €53 million in commitments. At the same time as the first closing, Oltre Impact had also announced the entry into the partnership, as junior partners, of Nicola Lambert and Raffaele Fedele, who thus joined founding partners Luciano Balbo and Lorenzo Allevi.

“We are happy to have an important institution like Inarcassa among our investors,” said Lorenzo Allevi, managing director of Oltre Impact sgr and Oltre III. “This new entry confirms once again that there is room for growth for impact investing in Italy as well and, moreover, it is a recognition of what we have been able to do so far. It is a certificate of great confidence that consolidates our willingness to support companies from a financial and managerial point of view through new sustainable business models,” he concluded.

Alongside Inarcassa, Intesa Sanpaolo, and Investcorp Tages Impact, all major investors from previous funds have invested in the Oltre III fund, including the European Investment Fund (EIF), which participated in the €30 million raised through the European Fund for Strategic Investments (FEIS). As for new Oltre III investors, most of them institutional, they included the FOF VenturItaly fund of funds and the MiSE Co-Investment Fund, both managed by Cdp Venture Capital sgr.

Oltre III continues the mission of the previous vehicles, when the team had not yet established the sgr, but worked under the name Oltre Venture and invested through Sicaf. In fact, the objective of Oltre Impact and Oltre III is to invest in companies with great growth potential, committed to the pursuit of sustainable development goals.

The main areas of investment are: health care based on both physical and digital models, silver economy and care for the elderly, education and training at all levels and in all age groups, sustainable energy, inclusive and sustainable finance, mobility and smart cities, safety at work, tourism capable of enhancing the local economic fabric, circular economy, and agrifood. Unlike previous vehicles, however, the new fund invests in high-growth companies that have now passed the startup stage and are capable of generating an increasingly positive impact.

Beyond Sicaf II, established in 2016, had raised €43 million. Notably, also in that case the first closing of the raising had been attended by the EIF (€10 million) and Fondo Italiano d’Investimento sgr, flanked by several institutional investors, including Azimut Enterprise Holding, Bnl, Fondazione Cassa di Risparmio di Padova e Rovigo, Fondo Pensione del Personale del Gruppo Bnl Pnp Paribas Italia, and Fondazione Sviluppo e Crescita Crt. The first investment vehicle, Oltre I, it had been established in 2006 and had raised about €7.5 million from 21 investors, mainly high net-worth individuals, and some foundations.

The sgr, which has 123 million in assets under management, with the Oltre I and Oltre II vehicles to date has invested more than €50 million in 45 impact companies, while the Oltre III fund has already invested 19 million euros in 12 months in 7 SMEs.

Recent investments include last December’s €2.6 million round in Kippy, Kippy, a pet care company that develops and produces IOT devices that can locate in real time and monitor the health and motor activity of pets; and last November’s €2.5 million round in the telemedicine of Medea.

On the exit front, we recall instead that from the Centro Medico Santagostino network of outpatient clinics last August 2022. Oltre I, with an initial investment of €2.5 million, had promoted and founded Società e Salute spa in 2009, which had precisely developed a network of outpatient clinics to meet the increasingly widespread need for high-quality outpatient and diagnostic services at affordable rates. In December 2019, the L-GAM fund had then taken over 85 percent of the capital by partnering with Oltre Venture, which had retained a 15 percent stake and then exited completely as mentioned in August 2022.

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(Featured image by moerschy via Pixabay)

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