The Benetton family has secured regulatory approval to launch 21 Next, a new European private markets platform with approximately €3bn in assets under management, according to Private Equity Wire citing a report by Bloomberg. The platform will invest across private equity, infrastructure, energy transition and private debt, according to Private Equity Wire.
Regulatory approvals and launch setup
The venture has received approvals from several European regulatory authorities, including the European Commission, Italy’s Competition Authority, the Bank of Italy and France’s Autorité des marchés financiers, according to Private Equity Wire. 21 Next is described as a European private markets platform.
Ownership structure and leadership
21 Next brings together the Benetton family-backed 21 Invest and 21 Tages under the ownership of family holding company Edizione, according to Private Equity Wire. Edizione will hold a 55% stake in the combined platform, while the founders and senior management of the two businesses will own the remaining 45%, according to the same report.
Alessandro Benetton, chairman of Edizione, will chair 21 Next, according to Private Equity Wire. Panfilo Tarantelli has been appointed chief executive, according to the report.
Platform scale, seed capital, and active funds
The platform has more than 100 investment professionals overseeing 11 active funds, according to Private Equity Wire. Edizione is committing €500m of seed capital to support future investment and expansion initiatives, according to the same report.
The platform has ambitions to grow assets under management beyond €10bn over the coming years, according to Private Equity Wire.
Fundraising pipeline across PE and infrastructure
21 Next is already developing a series of new strategies as it looks to build a broader European alternatives business, according to Private Equity Wire. Its 21 Invest division is preparing to launch a pan-European lower mid-market private equity fund targeting approximately €800m of commitments, according to the report.
The 21 Invest strategy will focus on buyouts across Italy, France, Spain and the Benelux markets, according to Private Equity Wire. Meanwhile, 21 Tages has launched an infrastructure strategy targeting €500m in commitments, according to the same report.
Widely-known context: European private markets platforms typically combine multiple strategies, such as private equity and infrastructure, under a single management group. Widely-known context: Regulatory approvals for ownership and control in European financial services commonly involve competition and financial-market authorities in relevant jurisdictions.
