Investitori Associati, a Milan-based investor in Italian mid-market firms, has raised the country's largest private equity pool of capital after holding a €700m ($842m) first and final close for its fourth fund.

Stefano Miccinelli, a senior partner at the firm, said Investitori Associati had launched the fund a year ago with a €600m target but had received €1.1bn in firm commitments following strong investor demand.