Natexis Cape, an Italian small cap private equity joint venture between Cape and Natexis Private Equity International, has reported a first close for its Cape Natexis Private Equity Fund at €87m($111m), €27m above its target.

The fund has a strong focus on small and medium sized enterprises in North and North East Italy, particularly in the industrial triangle surround Milan, Padua and Bologna. It will target management buy-outs and build-ups in consolidating industry sectors and family controlled companies facing succession issues, with enterprise values below €30m.