Alcedo, an Italian lower mid-market private equity firm, is nearing a final close on its fourth private equity fund, according to people familiar with the matter.

The firm, which is targeting €175 million for the vehicle, will close it on its €200 million upper limit by the end of March. The firm is no longer marketing the fund, which is oversubscribed, and is wrapping up the legal documentation ahead of a final close, the people said.