F2i launches its Third Fund – Focus on infrastructures, water services, and renewables

Francesca Basso

MILAN F2i, Fondi italiani per le infrastrutture, a company managed by Renato Ravanelli, is growing: now the Third Fund is here, with an asset of approximately 3 billion Euros to invest in the airport segment, in renewables, in integrated water services, and in gas distribution.

F2i’s strategy is very much appreciated among its institutional investors and aims to attract foreign assets for nationally driven initiatives – proving that Italy can rely on industrial entities in the infrastructure sector that can also be attractive for foreign investors. F2i’s operational framework encompasses segments which are still in an immature state in terms of ownership and characterised by an elevated number of manufacturers. In recent years F2i acted as an aggregating force bringing about improved efficiencies in the various economic entities it acquired. These sectors also rely on consolidated and stable regulations. In addition, the investment fund is an extremely transparent tool. These reasons combined led F2i to launch its Third Fund.

This new vehicle is expected to attract also the participation of one of the major international pension funds and of one very important sovereign fund (during the past weeks, the name of Singapore’s sovereign fund popped up), which will add up to F2i’s consolidated investors: welfare funds, bank foundations, and the Italian Cassa depositi e prestiti. Fund III will have access to fresh financial resources accounting for 1.5 billion Euros, primarily raised on international markets. Foreign investors reacted positively towards this new project, which plans to incorporate the investments of the First Fund in the new instrument. The First Fund has already exhausted the resources originally put forward by the investors. For this reason, F2i decided to indicate the Third Fund as a collection vessel to gather the investments performed by the First Fund, which have granted an average annual yield of approximately 12%, in addition to new resources. The merger transaction is expected to close by mid-December.

The First Fund of F2i – founded in 2007 – holds participations in the airport segment (it controls Naples, Turin, and Alghero’s airports and has qualified participations in Sea Milano and in Bologna’s airport), renewables – particularly in the photovoltaic sector where it is the major operator with a joint venture together with Enel, gas distribution (2i Rete Gas is the second major operator with over 4.4 million customers and 2,200 concessions in Italy), and integrated water services (Iren Acqua).

F2i also launched a Second Fund in 2014, which closed its fund raising in July 2015. Fund II, which controls F2i Energie Speciali, is now completing the deployment of its over 1.2 billion Euro available assets. The foreign investors rate increased over the years from 30% in the First Fund to 45% in the Second Fund.


The strategy

To attract international assets for nationally driven initiatives.



Renato Ravanelli, 52, has been F2i’s CEO since 2014. He was A2A’s general manager from 2008 to 2014, after acting as CFO and member of the executive committee at Edison.


F2i – Aggregate profit of 425 million Euros

F2i SGR. The Third Fund is ready to start fundraising

F2i closed an astonishing year – 2016 – recording a 425 million Euros total profit, with a significant rise (+37%) compared to last year. It should be noted that the profit was calculated adding up the profits from both the funds managed by Renato Ravanelli’s asset management company: the First Fund – with its fully engaged 1.8 billion Euros fund raised – closed its investment period this month, whereas the Second Fund invested over 50% (70%, if the already approved and pipelined transactions are included) of its asset, which is slightly higher than 1.2 billion Euros. Based on these results – which were recently reported by the Radiocor agency – F2i may launch the fund raising for its Third Fund by the end of this year already. The fund’s total target capital is still to be defined; insiders, however, expect it to be conspicuous, with an even more significant share from international investors.

Equally, thanks to the profit achieved in 2016 (similar or higher to the profits recorded by many companies listed on the FTSE MIB index on the Italian Stock Exchange) over the last few days F2i distributed something like 416 million Euros to over 60 Italian and international institutional investors. Let’s not forget that F2i’s major investors include 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 – all targeting stable, yet fairly high returns over time. To date, F2i was able to ensure such yields mainly thanks to the profits from participated companies (collected as dividends) as well as to capital gains on sales, such as the sale of Metroweb Italia (sold on December 20th to Enel Open Fiber), whose main asset – Metroweb Milano – was acquired by F2i in 2011 at a lower price than the transfer value. The two funds’ portfolios include however investments in 14 companies operating in seven different segments, all of which are related to infrastructures. Starting with the controlling shares in 2i Rete Gas – which in 2015 achieved a consolidated net profit 88 million Euros (with a 85 million Euros dividend last April) and which already recorded 60 million Euros in the first semester of 2016 – and in 2i Aeroporti, the company managing Milan’s airports Linate and Malpensa, as well as the airports of Turin and Naples and 10% of Bologna’s airport. Not to mention the 40% share of Mediterranea delle Acque, an equal joint venture with Enel in the solar energy sector, the acquisition in 2016 of Kos’ 37% share, and the 10% share in Sia. All these companies – except for Alerion – raised a noticeable dowry in terms of profit during last year.

Just yesterday, a news was reported about 2i Rete Gas – a company participated by F2i – closing the placement of a 435 million Euro senior bond expiring on August 28th 2016 and with a BBB rating (stable outlook) by S&P. In the end, the book received requests accounting for approximately 1.6 billion Euros (almost four times the bond’s value). The bond ensures a yearly coupon at a 1.75% fixed rate.

Cheo Condina

F2i entered an agreement with CIR for the acquisition of a 46.7% stake in KOS from Ardian

F2i – the Italian fund managed by Renato Ravanelli – disclosed an agreement with CIR for the acquisition from Ardian of a 46.7% stake in KOS, a major player in the healthcare and welfare sector.

The closing of the transaction is expected to take place by the end of May, following approval from the Italian Competition and Market Authority (AGCM): F2i will acquire a 240 million Euro share of KOS from Ardian through F2i Health Management (a vehicle company controlled by F2i’s Second Fund), achieving 37.3% of the company. A further share will be acquired by CIR, which will increase its shareholding interest in KOS from current 51.3% to 62.7%.

International financial operators may participate in F2i’s transaction by entering F2i Health Management, with a potential resulting reduction of F2i’s financial commitment in the company up to 180 million Euros.

This investment will allow the fund chaired by Renato Ravanelli to enter a leading company in the healthcare sector offering significant growth opportunities through acquisitions against a background of a very fragmented market.

F2i and CIR have undertaken to sign a shareholder agreement with the objective to set up the new corporate governance: F2i will be entitled to appoint three board members out of eight in addition to the board chairman. The agreement between F2i and CIR also provides for a qualified majority vote on matters of particular relevance, and regulates F2i’s participation in the selection of the management.

KOS was founded by CIR in 2002: the company has approximately 7,300 hospital beds and over 5,000 employees in Italy, and operates also in UK and India. Over the years, KOS underwent a continuous growth thanks to acquisitions and the launch of new facilities. In 2015, the company achieved a revenue of 400 million Euros at a 6.2% compound annual growth rate (CAGR) since 2010, 73 million Euro EBITDA and 20 million Euro net profit.

F2i: agreement with Enel Green Power for the photovoltaic market

Joint venture agreement between F2i and Enel GP: starting with a 210MW voltage, aiming to the branch national leadership

F2i – Fondi italiani per le infrastrutture SGR and Enel Green Power recently officially announced the creation of a joint venture agreement related to the photovoltaic branch. Both societies will equally furnish plants providing 105MW each. In accordance to the agreement, F2i will be able to provide further 58MW within 2016.

This operation confirms the important role F2i plays in promoting societies’ growth and aggregation within infrastructure and energy branches, focusing in particular on renewable sources production. Italy’s largest infrastructural fund states in a note that the initial 210MW portfolio will have the chance to grow, thanks to upcoming acquisitions. Its purpose is indeed to give birth to a national company being able to exploit economies of scale in order to establish itself as branch leader.

F2i CEO, Renato Ravanelli, satisfied of this operation, reminded F2i strategy, which is to create value for its investors, thanks to investments “promoting national societies system growth”.

Established in 2007, F2i operates as a public-private company. Due to its two funds, the company gathered about 3 billion Euros so far, of which 75% used for national infrastructures investments, such as airports, highways, telecommunications, integrated water services, gas distribution, logistic and waste-to-energy networks.

For further information:



Renato Ravanelli: “International interest towards F2i fund”

In an interview with the Italian newspaper Corriere della Sera, F2i‘s CEO Renato Ravanelli assessed the investment situation regarding the Italian fund specialised in the infrastructure sector. This is an extremely positive moment in time, thanks to the subscription of a dozen new contracts in the last two weeks, which allowed exceeding the fund raising target (for total 1.25 billion Euros). Particularly, the recent transactions reflect an increasing interest at international level, with the participation of China Investment Corporation – Beijing’s sovereign fund – and the National Pension Services – a South Korean pension fund – as well as the French Bnp Paribas and Edf Investments. To date, 40% of the fund’s assets originate from foreign investments, a positive message that highlights a renewed trust in Italy, particularly from Asia. The Chinese and Korean giants also offered to act as F2i’s co-investors, thus with direct competencies. These assets were attracted, on the one hand, by high level Italian subscribers and partners and, on the other, by the results achieved by previous investors in the fund. Renato Ravanelli further commented on the optic fibre investment plan for Metroweb, the best suited operator for accelerating the sector development – as requested by the Government – and concluded announcing the potential launch of a third fund, likely addressed to Italian companies wishing to invest in foreign infrastructures.

The full interview is available at:


EDF focuses on F2i in Italy

The French Group controlling Edison has decided to invest 50 million Euros in F2i, with a possible future increase based on opportunities available 

The news appeared in Corriere EconomiaCorriere della Sera‘s business and financial insert – in an interview published on July 14th with EDF Group’s Executive Director Thomas Piquemal. The French giant decided to invest in F2i, the infrastructure fund managed by Renato Ravanelli. “We strongly believe in Italy, in its potential and the reforms implemented by the Government, as well as the future modernisation of its infrastructures. We also appreciate Italy’s corporate management standards. All these reasons prompted us to invest in F2i,” stated Piquemal.

EDF’s financial commitment with F2i, resulting in the EDF Invest fund, should account for 50 million Euros, and could be followed by new investments of approximately 20-100 million Euros, depending on potential opportunities.

During the interview, Piquemal highlighted the incredible dynamism of the Italian industrial sector, where various opportunities are available to bring both capital investments and know-how.

As for the investment in F2i specifically, EDF’s Executive Director declared knowing Ravanelli for years, which contributed to increasing EDF’s trust in F2i and led to the approval of the investment proposed by the largest Italian infrastructure fund to EDF.

Regarding future investment opportunities, Piquemal stated that the EDF Group was keen on evaluating other sectors besides infrastructures. In this respect, EDF’s Executive Director concluded that they “trust F2i’s team to identify the best opportunities for new investments.

F2i, FSI, Wind, and Vodafone together for Italy’s ultra broadband

The companies undersigned a letter of intent for the development of a national optic fibre infrastructure through Metroweb S.p.A.

Metroweb will represent a crucial element in the agreement entered by F2i – Fondi italiani per le infrastrutture, FSI (Fondo Strategico Italiano), Wind, and Vodafone for the development of a national optic fibre infrastructure to enhance the ultra-broadband network in Italy.

According to the companies participating in this operation, further operators can take part in this project. The optic fibre structure will be designed and developed based on the Ultra-broadband Programme approved by the Italian Government.


F2i confirmed its position as second major operator in the photovoltaic segment

56.4 MW new plant capacity acquired from Cogipower

F2i – the infrastructure fund chaired by Renato Ravanelli – recently announced the acquisition of new photovoltaic plants from Cogipower S.p.A. – a company of the Cogip-Tecnis Group operating in the construction business – for a total capacity of 56.4 MW. This transaction, which is scheduled to close by the end of June, will strengthen F2i’s leadership in the renewable energy business, especially in the photovoltaic segment, where the fund confirms its position as second largest operator at Italian level for installed capacity (total 205 MW).

The acquired plants – mainly based in Sicily – will be integrated into two of F2i’s subsidiaries operating in this line of business (HFV and F2i Solare), both part of F2i’s First Fund portfolio.

Through its First Fund, F2i recently acquired photovoltaic plants for further 49 MW capacity from the E.ON Group, and through its Second Fund Edison’s 70% share in Edens (now E2i Energie Speciali S.r.l.). This transaction let to the acquisition of renewable energy production plants, mainly wind energy. E2i Energie Speciali currently represents the third operator at Italian level in the wind energy business.

To perform this transaction, F2i was advised by Banca IMI, Studio Legance, EOS, PWC and Marsh. Studio Bonelli Erede Pappalardo provided legal advice to the financing banks.


F2i’s Board of Directors announced the appointment of Bernardo Bini Smaghi as President and approved the 2014 balance sheet

F2i’s two Funds achieved a total profit of over 120 million Euros for the 2014 financial year.

F2i, one of the largest infrastructure funds worldwide, recently officially disclosed some insights on its 2014 balance sheet. F2i’s CEO Renato Ravanelli presented the 2014 results on March 23rd during the shareholders’ meeting: the data are positive for both funds managed by the company. On that same occasion, the renewal of the top management was completed with the appointment of Bernardo Bini Smaghi as President.

In 2014, F2i’s First Fund (which already almost totally invested its initial asset of 1,852 million Euros in various branches of the Italian infrastructures) recorded an operating profit for the last fiscal year of 110.3 million Euros, with 104.4 million Euro dividends from the participated companies and 19.5 million Euro net capital gains. This represents an important achievement, along with F2i’s Second Fund‘s good performance resulting in a total 9.9 million Euro operating profit for the last fiscal year, with 9.8 million Euro from the participated companies and 11.5 million Euro net capital gains.

During the board meeting, CEO Renato Ravanelli updated the stakeholders on F2i’s recent transactions. These include the Fund’s expansion in the renewable energy sector with the acquisition – through its Second Fund – of Edens’ 70% share (a company controlling wind farms with a total capacity of approximately 600 MW) and of E.On Climate and Renewables Italia Solar Srl’s entire asset (a company holding photovoltaic plants with a total capacity of approximately 50 MW).

F2i also recently announced a partnership agreement for the sale of F2i’s Aeroporti’s 49% share – the airport holding chaired by Mauro Maia (F2i’s Senior Parnter) that controls F2i’s major shares in the airport sector – to the Ardian and Crédit Agricole Assurances consortium. According to a press release from F2i, the operation is expected to close in the upcoming weeks.

F2i acquired E.ON’s solar parks

Through the transaction, the infrastructure fund acquired 7 photovoltaic plants from the German group for approximately total 49 MW installed capacity

F2i – one of the major European infrastructure funds – recently announced its expansion objective in the renewable energy sector. The fund’s CEO Renato Ravanelli described the recent acquisition of E.ON Climate and Renawables Solar Srl’s entire asset as a “a further step forward in F2i’s strategy”: thanks to this transaction, F2i will control 7 photovoltaic plants with a total installed capacity of almost 50 MW.

The plants will be incorporated in HFV Holding Fotovoltaica SpA – a company controlled by F2i’s First Funds specialised in solar renewable energy production and controlling plants with approximately 100 MW, accounting for about 149 MW installed capacity. HFV becomes thus the second largest Italian operator in this industry. This represents an important achievement for F2i, which aims to become a market benchmark and act as a pole of attraction for minor players.

As F2i’ top management highlighted, this transaction represents a step forward in F2i’s strategy, which is “designed to operate in sectors with a highly fragmented ownership, with the objective to foster the creation of larger, more efficient and profitable players through an active portfolio management”.

Three months ago, F2i acquired – through its Second Fund – Edens’ 70% share (now renamed E2i Energie Speciali Srl, the third major Italian operator in the wind energy sector with approximately 600 MW installed capacity). E2i Energie Speciali’s plants will complete the existing network of 200 MW installed capacity of the Alerion Group, of which F2i holds a majority share.

F2i’s press release on the transaction is available at: