First closing of F2i's third fund: raising to EUR 3,1 bn
Milan, Italy - In early 2018 to Euro 3.3 billion; support also by PSP and GIC
F2I’s Third Fund successfully achieved its First Closing, raising approximately Euro 3,140 million. The amount is expected to increase, in early 2018, to Euro 3.3 billion, the maximum amount allowed under the rules of the Fund itself. The Third Fund, with a 12 year duration, inherited (through a merger) the assets of F2i’s First Fund. The merger allows the Third Fund to begin its activities with a truly impressive infrastructure portfolio in the sectors of airports, natural-gas networks, renewable energy, solar and integrated water operators. Yesterday’s General Meeting of investors in the First Fund approved the merger with the unanimity of attendees (representing 98,8% of capital). Bank Foundations and Pension Funds, which have invested in F2i since its inception, were among the largest supporters from the existing Italian investor base. Overall, Italian and international institutions who were already invested in the First Fund, have decided to reinvest in the Third Fund an amount equal to approximately Euro 1,740 million. Additional resources were provided by a new fundraise, amounting to Euro 1,400 million, from leading international investors, including pension funds, sovereign wealth funds, asset managers and insurance companies. “We planned and successfully executed a very ambitious project. The goal was to raise new capital to continue the development, both in Italy and abroad, of the sizeable infrastructural holdings put together to date by F2i’s First Fund, which had drawn on all of its commitments", stated the CEO of F2i, Renato Ravanelli. “The response of investors has been extremely positive, confirming their confidence in the management team, to which they have entrusted impressive financial resources", added F2i’s Chairman, Massimiliano Cesare. Upon conclusion of the above operation, F2i’s First Fund brought its 10-year activities to a close with very positive results: the value created by the Fund amounted to Euro 3,340 million, and was 83% higher than the invested capital of Euro 1,823 million. Along with the Third Fund, the SGR (the management company of the Fund) also manages F2i Second Fund, which closed its fundraising in June 2015, reaching a total fund size of more than Euro 1.24 billion. 75% of the available capital has already been invested in 6 different business sectors (natural-gas networks, airports, renewable wind-power and biomass production of energy, logical networks in the fintech sector, healthcare infrastructures and telecommunications). Capstone Partners is working as “global placement agent” for the fundraising with new international investors; BNP Paribas and Mediobanca are financial advisors; Chiomenti and Cleary Gottlieb are legal advisers.
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