London-based RiverRock European Capital, which was set up by a former investment banking chief at Bear Stearns, is planning to open a Milan office after securing investment for its debut €200 million Italy-focused fund.

The firm has had an undisclosed commitment from investor Fondo Italiano d'Investimento and expects to hit a first close on the fund by the summer and will then look to open the Italian office later this year, according to a person familiar with the matter.