The underwriting at more than EUR 215 million has already been completed with the international investors LGT Capital Partners and Committed Advisors
Milan, November 19th, 2024 – Fondo Italiano d’Investimento SGR announces that it has successfully completed the underwriting of Fondo Italiano Secondario – FIS at a size of more than 215 million euro, sourced entirely from foreign institutional investors LGT Capital Partners and Committed Advisors, two of the leading secondary market players located in Europe.
The transaction, which will be implemented through two different vehicles – the FIS 1A and FIS 1b Funds – and whose due diligence was conducted in partnership between Fondo Italiano and the two international investors, is dedicated to the acquisition from UniCredit of 10 private equity funds focused on the Italian market. In line with the objectives of the 2022-2025 Business Plan it represents the Management Company’s first action in the secondary private equity market as well as a significant contribution to the sector, which in Italy is still relatively underdeveloped and lacks a national operator.
The Fund, the first of this size in the country, further expands Fondo Italiano’s investment offering and confirms its strategic role within the landscape of domestic private capital operators.
The new FIS Fund – subject to the relevant conditions precedent under the agreements with UniCredit being fulfilled – will acquire 10 funds with a total commitment of over 250 million euro, managed by 8 different managers. The portfolio currently includes more than 50 companies.
The transaction consolidates Fondo Italiano’s position as the key reference player for private capital managers with investment strategies aimed at Italian companies. Moreover, Fondo Italiano’s entry into the secondary market will allow to support the prospective liquidity of private capital investments through instruments that facilitate the sale of interests in Italian funds.
The success of the transaction – carried out by Fondo Italiano entirely with the international investors LGT Capital Partners and Committed Advisors – demonstrates the growing maturity and attractiveness of the Italian market as well as the central role acquired over the years by Fondo Italiano funds of fund investment activities as anchor investor in support of managers focused on domestic small and medium companies.
Davide Bertone, CEO of Fondo Italiano d’Investimento, underlines:
“The private capital investor system needs instruments that provide more liquidity options. We were convinced that Fondo Italiano should play a leading role in proactively developing them. The successful launch, funding and completion of FIS confirms that the thesis was right and that Fondo Italiano’s ability to operate in this segment really makes a difference.”
Bertone continues:
“This is a segment on which our activity will not stop at FIS. The opportunity to partially liquidate or ‘actively rotate’ one’s asset allocation, I believe, is of interest to many Italian investors. This is just the first example of a scheme that we want to replicate by capitalising both on the willingness to build specific projects and on the ability to attract international investors.”
Luigi Tommasini, Head of Strategic Initiatives and Funds of Funds, adds:
“The purchase of the portfolio of 10 private equity funds, focused on the Italian market, from UniCredit consolidates Fondo Italiano’s strategic positioning as a privileged interlocutor of managers focused on Italian companies and as a catalyst of resources, including non-domestic. The transaction represents an important step in the development of its product offering for the institutional market.”
André Aubert, Partner at LGT Capital Partners, said:
“LGT Capital Partners has been at the forefront of the evolving secondaries market for more than two decades, and we are pleased to have a key role in a large secondary private equity transaction in Italy. European mid-market buyouts, such as those in this transaction, are an important cornerstone of our strategy. Following our successful collaboration with Fondo Italiano d’Investimento, we look forward to pursuing further opportunities in the Italian market in the future.”
Barthelemy de Beaupuy and Lucas Vincent, Managing Partner and Principal at Committed Advisors added:
“We are pleased to partner with Fondo Italiano D’Investimento on the execution of this anchor secondary transaction which includes top quality Italian managers invested in a diversified portfolio of mid-market companies. The transaction reflects the conviction of Committed Advisors in the flourishing Italian private equity market supported by solid fundamentals and offering compelling opportunities.”
