Fondi Italiani per le Infrastrutture (F2i), an infrastructure fund management company operating in Italy, has held a €3.6 billion ($4.09 billion) final close for third fund, F2i Fondo Italiano per le Infrastrutture Fund III.
The fund received commitments from existing investors, 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).
F2i’s first and second funds in the series raised €1.8 billion ($2.04 billion) and €1.25 billion ($1.42 billion), respectively.
Fondo Italiano per le Infrastrutture Fund III started operating with a portfolio inherited from the merger with F2i’s first fund, including airports, natural-gas networks, waterworks and photovoltaic plants. Since December 2017, F2i has 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 megawatts, 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 an industrial platform for the consolidation of the sector currently under way.
The closing of the third fund marks, “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,” said Renato Ravanelli, CEO of F2i.
