Former 3i executive targets €300m for first fund

Crevan O’Grady, a partner and a former head of technology, media, and telecoms at 3i Group, and Marco Sodi, a former head of European investments at US buyout firm Veronis Suhler Stevenson, are looking to raise €300 million for their first fund, according to people familiar with the matter.

The pair have named their new firm Volpi Capital and have hired placement agent Rede Partners as an adviser on the fundraising. Volpi Capital will invest in European businesses with enterprise values of up to €200 million, according to its website.

While at 3i, O’Grady worked on deals including directory business Yellow Brick Road. He also sat on the board of TouchTunes, Malmberg, VNU Media and Sparrowhawk Media, according to Volpi’s website.

Sodi led the European investing activities of Veronis Suhler Stevenson from 1999 until 2010. He spent five years in operating roles in the technology industry and three years in venture technology investing before joining VSS in 1988.

Volpi joins several other private equity houses that have been set up in recent months.

In September, Mayfair Equity Partners, launched by former LDC executive Daniel Sasaki, held a £400 million final close on its maiden fund. Meanwhile, London-based Limerston Capital, which was founded by executives who formerly worked at TDR Capital, UBS and JGR Capital, is attempting to collect £300 million for its debut fund.

Tenzing is another new firm on the block. Set up in 2015 by Guy Gillon, who was formerly at mid-market private equity firm Bluebird Partners, and Rob Jones, a director at PwC, the firm aims to do mid-market deals in the UK.

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