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.

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

Led 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.

F2i marks a significant rise in 2016: +37% compared to last year

While the Third Fund is ready to start fundraising, F2i closed 2016 with astonishing results: 425 million Euros total profit, +37% of rise compared to last year.

Aggregate profit of F2i in 2016: the results achieved by the Fund managed by Renato Ravanelli

2016 can be considered an astonishing year for F2i: the fund managed by Renato Ravanelli recorded 425 million Euros total profit, marking a significant rise compared to last year (+37%). This profit was calculated mixing the results achieved from both the funds: the First closed its investment this month, whereas the Second invested more than 50% of its asset. The Radiocor agency reported recently these results which are the basis to start fundraising for the Third Fund by the end of this year. While insiders expect it to be conspicuous, there are no information on the total target capital of the fund but there would be a more significant share from international investors. Thanks to the profit achieved in 2016, F2i distributed something like 416 million Euros to over 60 Italian and international investors. Among the major investors of the Fund managed by Renato Ravanelli we have to remind Cassa Depositi e Prestiti, Intesa Sanpaolo, Unicredit, major Italian bank foundations and welfare funds, as well as international giants such as Ardian, the China Investment Corporation and the Corean National Pension Fund. F2i portfolio includes investments in 14 companies which work in different areas connected to infrastructures: 2i Rete Gas, 2i Aeroporti, Mediterranea delle Acque, Kos' and many others. 2i Rete Gas, in particular, recently closed the placement of a 435 million Euro senior bond expiring on August 28th 2016. The bond ensures a yearly coupon at a 1.75% fixed rate.