F2i’s Third Fund achieves a €3.6 Billion final closing

Exceeding its original target by more than 600 Million euros.
With italian and international investors contributing equally to the fundraising's success.

Milan, 8 November 2018. Today marked the traditional F2i Investor Day, a periodic encounter between F2i management and portfolio companies, on the one hand, and shareholders of the asset management company, together with investors, on the other.
During the event, F2i announced the recent final close of F2i's Third Fund , that reached 3.6 billion euros, 600 million euros higher than the target set in December 2017, at the time of the launch of the Fund.
This excellent result, and the short amount of time needed to complete the fund raise, was made possible by existing investors (F2i's First and Second Funds had raised 1.8 billion and 1.25 billion euros, respectively), as well as a significant contribution from new investors. Subscribers to F2i's Third Fund include pension funds, sovereign funds, bank foundations, insurance companies and asset managers, with Italian and international investors (from Europe, Asia and North America) contributing in equal measure to the success of the fundraising effort.
The Third Fund - with a 12-year duration - started operating with an impressive portfolio inherited from the merger with F2i's First Fund, including airports, natural-gas networks, waterworks and photovoltaic plants.
Since December 2017, F2i has already concluded for its Third Fund transactions aimed at consolidating the existing holdings: new acquisitions in the photovoltaic sector have made possible the creation of one of the leading groups in Europe, with an installed power capacity of more than 800 MW, while the airport portfolio has been reinforced through the acquisition of additional minority stakes in the companies that manage the airports of Milan, Naples and Turin.
In addition, the Third Fund recently acquired a controlling interest in EI Towers, Italy's leading independent operator of TLC and broadcast towers. This investment will serve as a major industrial platform for the consolidation of the sector currently underway.

"We are pleased to announce the final close of our Third Fund, marking the culmination of a highly ambitious project whose goal was to raise new capital, both Italian and foreign, in order to continue developing, in Italy, the major infrastructural platforms already in the portfolio, while undertaking new initiatives in sectors of strategic importance to the country," stated the CEO of F2i, Renato Ravanelli.

F2i’s Third Fund results: Renato Ravanelli expressed great satisfaction

Good news for F2i - Fondi Italiani per le Infrastrutture , which reaches a better goal than expected: the gathering of the fundraising in the Third Fund will be raised to 3.6 billion euros

F2i - Italian funds for infrastructures: new results for its Third Fund. Renato Ravanelli's statements

F2i - Fondi Italiani per le Infrastrutture reached an unexpected, yet fulfilling goal with its Third Fund launched in 2017. As Chief Executive Officer Renato Ravanelli stated, the target of the Third Fund has been raised from 3.3 to 3.6 billion. As per CEO's statement, this fundraising could reach a higher goal, that Renato Ravanelli identified in 4 billion euros. F2i's choice appears to be, instead, to "keep a balance between our portfolio and fresh resources." What especially pleases CEO Renato Ravanelli is the response the company received from both domestic and international investors. An important sign of this continued support has been shown in December, when foreign LPs, that already supported F2i's First Fund, demonstrated further trust with another deposit of a total amount of 1.74 billion euros. Another 1.4 billion euros were gathered by F2i from international and domestic sovereign and pension funds, as well as asset management firms and insurance companies. Among the investments F2i is looking at, thanks to this fundraisings, appears the offer that the Renato Ravanelli guided company submitted for Persidera, that is an Italian digital TV services provider, which operates in joint with RaiWay. This purchase, indeed, would see both F2i and RaiWay share the frequency rights and network infrastructure of Persidera, as per the terms of the bid. This would mean that both companies "will contextually subscribe a long-term agreement for the supply of broadcasting services". No comments have been recorded from Renato Ravanelli about price details. The CEO stated "the bid [of F2i and Raiway] includes earn-out figures and further bonuses that may match vendors expectations. This transaction has a value lower than our usual standards, but it would allow F2i to set a footprint in a sector that is going towards a wave of consolidation in Italy and in Europe", confirming the strategic value of this asset. One last acquisition F2i's CEO is willing to discuss is the one about the stake owned by Milan municipality airports' management company SEA, whose worth is reported to be 1 billion euros.

About F2i, the fund which invests in Italian infrastructures

Major Italian closed-end fund, and one of the biggest in Europe, F2i - Fondi italiani per le infrastrutture is a Saving Management Society (SGR) born in 2007 thanks to its partnership with institutions, international banks, credit institutes, banking foundations, as well as public welfare funds. F2i has its main aim in the improvement of Italian infrastructural asset, renewing it in order to make it competitive from an European and international point of view. This company invests in different sectors, such as transports, telecommunications and media, gas, energy and water distribution, social infrastructures, public services and waste management. Those investments are possible thanks to the fundraising gathered in three funds: The First Fund, started in 2007, the Second Fund, started in 2012, and the Third Fund started in 2017. Since 2014, Renato Ravanelli guides F2i as CEO.

F2i - Fondi italiani per le infrastrutture SGR: the steps made to improve the national infrastructure area

F2i - Fondi italiani per le infrastrutture is one of the most important companies in the field of infrastructure, operating not only in Italy but also on an international level.

Reference point in the infrastructure area, F2i - Fondi italiani per le infrastrutture is one of the most important Investment Management Companies (IMCO) in Europe. It's actually ruled by Chief Executive Officer Mr. Renato Ravanelli.

F2i - Fondi italiani per le infrastrutture: characteristics and activities

Founded in 2007, F2i - Fondi italiani per le infrastrutture has become over the years one of the most relevant players in the field of infrastructure, operating on a national and international level. It invests mainly in transportation, infrastructures, gas and electricity, water supply, public services, waste management, social and health infrastructures, telecommunications and media areas. The investment Management Company (IMCO), ruled by President Leone Pattofatto and CEO Renato Ravanelli, set aside two funds: the first started in 2007 whereas the second in 2012. The investment time horizon of the two funds is 15 years. The first reached 1,852 million Euro, whereas the second exceeded the initial target of 1,200 million Euro by closing on July 2015 at 1,245,5 million Euro. The Investment Management Company (IMCO) has become a landmark in the field of infrastructure both in the public and private spheres, promoting privatization processes and acting as a meeting point between national and international investors.

F2i - Fondi italiani per le infrastrutture: investment plans

One of the most important financing projects of F2i - Fondi italiani per le infrastrutture is the one related to 2i Rete Gas (formerly Enel Rete Gas), a company working in the field of natural gas distribution which has an independent approach in terms of selling. The investment started in 2009, an important year for the company which recorded a steady growth thanks to a series of business combinations. In 2011 2i Rete Gas acquired 2iGas Infrastruttura Italiana Gas S.r.l. (formerly E.ON Rete srl) and G6 Rete Gas S.p.A., respectively seventh and sixth national operators. 2i Rete Gas has become an important player in the field of gas distribution in Italy thanks to these acquisitions, acting as a conveyor and catalyst in a system which is still in search of definition and cohesion. F2i - Fondi Italiani per le infrastrutture controls a market share of about 17% thanks to the investment in 2i Rete Gas.

The professional path of Renato Ravanelli, CEO of F2i - Fondi Italiani per le infrastrutture

Renato Ravanelli graduated in economics and business and then started to work in the field of utilities and insurances as financial analyst and macroeconomist. He moved later to Gruppo AEM, where he worked first as responsible for the trading of electricity and gas and then as CFO. In 2005 Edison recruited him as Chief Financial Officer and executive member of the Board of Directors, assignments He kept till 2007, the year He joined A2A as general manager. In 2010 He was appointed independent member of the Investment Committee of Inframed, a fund operating in the field of infrastructures in Turkey and North Africa. Renato Ravanelli has been working as Chief Executive Officer of F2i - Fondi italiani per le infrastrutture since 2014.