MOVES-Italy's Ambienta hires two new partners from Ardian to run new small cap fund

MILAN, June 26 (Reuters) - Italian private equity firm Ambienta said on Thursday it had hired two new partners as it set up the investment team that will manage a fund dedicated to small businesses which has just raised around 500 million euros ($585 million).

The commitments received by Ambienta's small cap fund are above its initial target of 450 million euros. Ambienta said the fund aimed to invest in companies across Europe with annual revenues of up to 150 million euros.

The money will be put to use by an investment team which comprises new joiners Yann Bak, who will be based in Paris, and Giacomo Forti, based in Milan, both of whom were previously at Ardian.

They will co-lead the team together with existing Ambienta Partner Francesco Lodrini. The team also includes senior adviser Francesco Sogaro, Ambienta said.

($1 = 0.8549 euros)