MILAN (Reuters) – Mediobanca’s private banking division plans to introduce a new illiquid alternative fund from KKR to affluent clients. The fund aims to cater to investors seeking unique opportunities.
In April, Mediobanca introduced the private bank Mediobanca Premier to expand its wealth management business. This initiative aligns with its strategic goals through 2026.
At the time, Mediobanca stated that Italian households held €5.3 billion in financial wealth. Sixty percent remained unmanaged.
While Italians’ financial wealth dropped 14% in inflation-adjusted terms in 2022 from the previous year according to consultancy Bain, Mediobanca said that in 2023 top-tier households saw their wealth increase by 5.3%.
Mediobanca Premier’s ultra-rich clients can invest in K-PRIME Feeder, a KKR private equity sub-fund.
At the end of March, KKR had $183 billion in assets under management (AUMs) in its private equity business, out of $578 billion in overall AUMs.
In line with a trend that has seen mainstream asset managers expand in the fast-growing alternative sector, in February France’s Amundi, Europe’s biggest fund manager, agreed to buy Zurich-based Alpha Associates, which offers institutional investors access to private debt, infrastructure and private equity strategies.
K-PRIME will give Mediobanca Premier clients access to the same private equity team and deals as KKR’s institutional funds.
K-PRIME will allow subscriptions to be made on a monthly basis, as opposed to the four-to-five-year period over which a closed-ended fund draws on capital commitments.
In today’s dynamic financial landscape, Mediobanca recognizes the importance of offering diversified investment solutions to its affluent clients.
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