Targeting a final close of €150 million from investors, the fund has completed its first acquisition, buying an 86.5 per cent stake in Poplast, an Italian manufacturing company in Piacenza, Northern Italy.

The fund seeks to invest in growth equity and buyout transactions of companies initially requiring up to €20 million of equity capital, with a focus on the Italian industrial sector. EOS noted that Italy has a large number of underfunded growing SMEs. The fund may extend its strategy to other European countries depending on opportunities.

“Our objective is to close the fundraising and capitalise on the healthy pipeline of companies we have already identified. EOS IM has established a leading role in energy and infrastructure industry, and now intends to attain the same position in the private equity industry by selecting excellent small and medium-sized companies,” said Ciro Mongillo, founder and chief executive of EOS Investment Management.