Thursday, January 25, 2018

AMC: F2i SGR launches the Third Fund

Corriere della Sera wrote that F2i SGR is promoting the launch of a third infrastructure fund: the deal is expected to be finalized by mid-December. Led by CEO Renato Ravanelli, the company manages two Funds: they have collected subscriptions for an overall total of more than 3.1 billion euro.

F2i SGR launches its third fund, including the first fund's remaining portfolio

F2iLed by CEO Renato Ravanelli, F2i SGR is launching fundraising of its third infrastructure fund, with a target of 3 billion euro to invest in airports, renewable energy, distribution of natural gas and integrated hydric cycle. The company aims to attract foreign investors, looking for 1.5 billion euro of new capital collected among international players: among them one of the biggest international pension funds and one of the biggest sovereign funds (maybe Singapore's GIC). In addition, many investors such as banking foundations, Italian pension funds and Cassa Depositi e Prestiti are expected to subscribe the new fund. The first F2i fund's remaining portfolio, valued about 1.5 billion euro, will also be included in the third fund. According to the programs, the deal will be finalized by mid-December. In the last years F2i SGR has invested in consolidated companies, increasing their profit and level of efficiency. The Italian most important foundations, banks, financial institutions are sponsor of F2i First and Second Fund. The company's capital is instead controlled by Cdp, Unicredit and Intesa Sanpaolo, each with a 14% stake: Ardian owns a 8.4% stake and banking foundations and Italian pension funds own the rest. F2i's shareholders are also investors in F2i's funds.

F2i SGR: the Company Profile

F2i SGR, acronym of Fondi italiani per le infrastrutture - Società di Gestione del Risparmio, is an asset management company founded in 2007 to promote and manage the first closed equity investment mutual fund, authorised by the Bank of Italy in August 2007. It is the largest one in Italy with its available 1,852 million euro, but it is also the largest infrastructure fund focusing on a single country. Through this fund, F2i aims to bring together and forge alliances with public and private institutions specialized in the national-infrastructure sector. The first fund owns stakes in some Italian airports (Napoli, Torino, Alghero and Bologna), in airport handling company Sea Milano and in the renewable sector: it is the major solar operator jointly with Enel, the major gas distributor and a major operator in the integrated hydric cycle. In 2012 F2i SGR instituted a Second Fund which closed its fundraising in July 2015 with 1,242.5 million euro raised, above the initial target of 1,200 million euro. The company participates in privatization processes: its mission is to consolidate relations with local institutions and private businesses and to bring together Italian and international investors. To date, the two Funds have collected subscriptions for an overall total of more than 3.1 billion euro, of which approximately 90% is already invested in infrastructure sub-compartments in Italy (airports, highways, distribution of natural gas, waterworks, waste-to energy, logical networks, renewable energy, integrated hydric cycle, telecommunications and healthcare). In October 2014, Renato Ravanelli was appointed Chief Executive Officer to rule F2i's team and supervise all investments.

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