Investors in Milan-based private equity firm Clessidra are “in the dark” about its agreed sale, which is leading to frustration among some ahead of key decision on whether it will be able to begin spending again.

Italmobiliare Group, an investment holding of Italy's Pesenti family, said in a statement on May 9 that it had agreed to acquire Clessidra for "roughly €20 million". But one investor said there has been "no communication" about the future of its ownership.