Investitori Associati, the Italian buy-out firm, is to hold a first and final closing for its fourth fund at €700m ($864m) after strong investor demand left it nearly three times oversubscribed.

The buy-out house started marketing to investors in November when Paolo Visioni, a partner at the Milan-based firm, revealed that its €400m third fund was 70% invested. Visioni and Filippo Gaggini, another member of Investitori Associati's nine-strong partnership, have led the fundraising without hiring an external placement agent.