F2i sgr announced yesterday that it has successfully achieved the first closing for its third infrastructure fund, raising approximately 3.14 billion euros. The amount is expected to increase, in early 2018, to 3.3 billions, the maximum amount allowed under the rules of the fund itself (see here the press release).
The new fund has a 12 year duration and 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 (see here a previous post by BeBeez). Yesterday’s general meeting of investors in the first fund approved the merger with the unanimity of attendees (representing 98,8% of capital).
The first fund has actually ended its resources for investing in new assets or support the development of its portfolio assets, after having called 1.823 million euros from investors and having made its portfolio assets grow to a 3.34 billion euros total value, with an 83% capital gain.
F2i’s first fund owns stakes in some Italian airports (Napoli, Torino, Alghero and Bologna), in airport handling company Sea Milano and in the renewable sector, where it is the major solar operator jointly with Enel, a major gas distributor with 2i Rete Gas and a major operator in the integrated hydric cycle with Iren Acqua.
“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.
Sponsor of F2i’s first fund, which closed its fundraising in February 2009 with 1,852 million euros raised, were: Cdp, Intesa Sanpaolo, Unicredit group, Ardian, Fondazione Cariplo, Fondazione Cassa di Risparmio di Torino, Fondazione Cassa di Risparmio di Lucca, Fondazione Cassa di Risparmio di Padova e Rovigo, Fondazione Cassa dei Risparmi di Forlì, Inarcassa(Cassa nazionale di previdenza e assistenza per gli ingegneri e architetti liberi professionisti) and Cipag (Cassa previdenza e assistenza dei geometri liberi professionisti).
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 1.74 billion euros. Additional resources were provided by a new fundraise, amounting to 1.4 billion euros, from leading international investors, including pension funds, sovereign wealth funds, asset managers and insurance companies. Psp Investments, one of the major Canadian pension plans (advised by Nomura and Clifford Chance law firm) is said to be among the new investors, having committed as much as 500 million euros. Also Singapore’s sovereign fund GIC is said to be among the new investors.
Capstone Partners is working as global placement agent for the fundraising with new international investors; BnpParibas and Mediobanca are financial advisors; Chiomenti and Cleary Gottlieb are legal advisers.
Sponsor of F2i’s second fund, which closed its fundraising in July 2015 with 1,242,5 million euros raised, were: Cdp, Intesa Sanpaolo, Unicredit group, CIC (China Investment Corporation), NPS (National Pension Service), Fondazione Cariplo, Fondazione Cassa di Risparmio di Cuneo, Fondazione Cassa di Risparmio di Lucca, Fondazione Banco di Sardegna, Ente CR Firenze, Compagnia di San Paolo, Inarcassa and Cipag.
F2i sgr’s capital is instead controlled by Cdp, Unicredit and Intesa Sanpaolo, each with a 14% stake, while 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 . However last July Ardian announced that it was going to buy Unicredit’s stakes in all F2i’s fund by the end of this Autumn (si veda altro articolo di BeBeez).
Ardian has investments in joint venture with F2i ‘s funds. In the last few days however Ardian announced that it is going to sell a portfolio on infrastructure assets for more than 1 billion euros to APG Group and Axa Group (see here the press release). The portfolio includes a stake in 2i Rete Gas spa, the Italian gas distribution company controlled by F2i funds with a 72% stake, which recently bought from Gas Natural Fenosa the entire capital of distribution gas and services companies Nedgia spa and Gas Natural Italia spa (see here a previous post by BeBeez).
The other Italian assets included in the portfolio are 3 New & Partners (renewable energy) and Legnano’s hospital HISI (Holding di Investimenti in Sanità e Infrastrutture). While the other assets to be sold are French LGV Lisea, Spanish toll road Trados M-45, French rail GSM communications’ network Synerail, French renewable energy company Kallista Energy and French toll road A88.
