The vast majority of investors in Italian private equity firm Clessidra’s third fund have formally backed the firm's new management, after the death of its founder in January left the firm in turmoil.

Ninety per cent of investors in the third fund, which Clessidra had been trying to raise, have approved the changes to the management and investment team. Piero Alonzo has become chief executive of Clessidra after Maurizio Bottinelli left.