Italian buyout firm Clessidra has wrapped up fundraising for its third private equity fund after an eventful year in which it changed hands following the death of its founder.

In a letter sent to investors on December 5 that was seen by Private Equity News, the firm's chairman Carlo Pesenti said it had collected €607.3 million for its latest vehicle - about 40% below Clessidra's original fund target. The firm initially set out to collect €1 billion, but reduced this to €800 million after its founder Claudio Sposito died in January.