- First closing: Over €100 million in commitments; EIF (part of the EIB Group) participating as a cornerstone investor.
- Investor base support: backed by leading institutional investors already invested in the predecessor fund, reaffirming conviction in the strategy and team.
- Fund size: Target €225 million; hard cap €300 million.
- Strategy & instruments: bespoke, flexible financing solutions for Italian SMEs and mid-cap, primarily through senior and subordinated debt instruments, with equity-like structures where appropriate.
- Classification: Article 9 SFDR with clear sustainable investment objectives.
- ESG approach: ESG-linked features embedded in the financing framework, supporting the sustainability transition with measurable KPIs and outcomes.
- Track record: Predecessor fund fully invested (€200 million) across 14 portfolio companies.
Milan, 2 March 2026 – Clessidra Capital Credit SGR, the private credit platform of the Clessidra Group, one of Italy’s leading alternative investment managers – announces the first closing of Clessidra Private Debt II (“CPD II”). CPD II has raised over €100 million in commitments, with the European Investment Fund (EIF, part of the EIB Group) participating as a cornerstone investor with €20 million, alongside a group of institutional investors, including returning limited partners from the predecessor fund.
Fund size, track record and outlook
CPD II has a target size of €225 million and a hard cap of €300 million,building on the successful strategy of its predecessor fund, currently fully invested (€200 million) across 14 portfolio companies, providing a solid foundation and a proven execution track record for the continued scaling of the strategy.
CPD II has already attracted significant interest from Italian and international institutional investors, reflecting the growing role of private debt within institutional portfolios and Clessidra Capital Credit’s positioning as a specialised operator in the Italian market.
Financing resilient Italian SMEs and mid-caps with sustainable private debt solutions
CPD II is the natural evolution of Clessidra’s first private debt strategy, combining disciplined underwriting with an enhanced sustainability commitment.
Building on the approach of the predecessor fund (Clessidra Private Debt Fund), CPD II provides flexible and tailor-made financing solutions to support entrepreneurs and sponsors seeking alternatives to traditional bank lending and pursuing growth, development and consolidation initiatives – primarily through senior and subordinated debt instruments, complemented by equity-like structures.
Italian SMEs: a compelling opportunity for private debt investment
The Italian SME and mid-cap segment represent a particularly attractive opportunity for private debt allocation, driven by sustained financing demand and limited supply of flexible non-dilutive capital.
Companies in this segment typically exhibit strong industrial positioning, resilient cash-flow generation profiles and meaningful potential for value creation through operational improvements and sustainability-led investments.
Commitment to sustainable investment and ESG principle
CPD II is classified as an Article 9 fund under SFDR, with a clear sustainable investment objective. The fund is designed to pursue measurable environmental and social outcomes alongside financial performance, embedding sustainability considerations throughout the entire investment lifecycle – from origination and structuring to ongoing monitoring and exit.
In line with European sustainable-oriented private debt best practices, CPD II integrates ESG objectives within its financing toolkit to support portfolio companies SMEs in their sustainability transition. This includes the adoption of ESG-linked features designed to accelerate and measure progress across key environmental and social dimensions, from climate mitigation actions (including energy efficiency and decarbonisation) to enhanced governance practices, improved health and safety standards and workforce development.
This approach goes beyond traditional ESG screening, aiming to align the financing structures and pricing with tangible, sustainability achievements at portfolio company level, including dedicated measurable KPIs across environmental performance, health & safety, governance and supply-chain dimensions.
EIF’s participation -together with renewed commitments from existing institutional investors -underscores the robustness of CPD II’s ESG framework and its alignment with European policy priorities, including sustainable finance, improved access to funding for SMEs and continued support for the real economy.
Comments
Marco Marrone, Chief Investment Officer at the European Investment Fund (EIF), commented: “By acting as a cornerstone investor in Clessidra Private Debt II, the EIF is strengthening Italy’s financing ecosystem and ensuring that SMEs and mid‑caps access the sustainable capital they need to grow and decarbonise. Our participation reflects the EIB Group’s commitment to mobilising private investment for the green transition and delivering tangible impact across the real economy.”
Mario Fera, CEO of Clessidra Capital Credit SGR, said:
“We welcome the EIF’s commitment to Clessidra Private Debt II, confirming the strength of our strategy and its alignment with European priorities. As demand for flexible capital from Italian SMEs and mid-caps increases, we are well positioned to originate proprietary opportunities and structure investments defensively to deliver attractive risk-adjusted returns. We sincerely thank our investors for their continued support, with enables us to continue our strategy in support of sustainable businesses.”
