Chase Capital Partners, the private equity arm of Chase Manhattan Corp., is preparing to invest in Italy.

The firm recently raised an $82 million fund in conjunction with Mittel SpA, an Italian investment firm, and Alpinvest Holding, a Dutch investment company. Known as the Chase-Mittel Capital Fund II BV, the fund closed this month.

Chase and its partners plan to take ownership stakes in Italian companies looking for development capital or for investors to help lead a management buyout. Individual investments will range from $6 million to $15 million.

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