Neuberger Berman in exclusive negotiations for FII's portfolio

Amedeo Goria
30 June 2017

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Italian state-backed Fondo Italiano d'Investimento (FII) has entered exclusive talks with Neuberger Berman (NB) to sell its whole portfolio of assets.

NB's offer received the green light from a board representing FII's managing representatives and LPs. The latter include Cassa Depositi e Prestiti, Intesa Sanpaolo, Unicredit, Monte dei Paschi di Siena, Istituto Centrale delle Banche Pipolari Italiane, Banco BPM, Banca Popolare dell'Emilia Romagna, Credito Valtellinese, Banca Cividale and UBI Banca. A source familiar with the matter told unquote" that NB's offer is close to the €305m figure cited in other media reports.

Credit Suisse is leading the auction process for the GP's portfolio, which includes 22 Italian SMEs.

The sale process saw NB compete with a consortium regrouping Tikehau and Italmobiliare, which submitted a binding offer one week before NB was granted exclusivity, ending the bidding process.

Following the potential sale of its portfolio, FII is expected to announce the launch of two new vehicles, one private-equity-dedicated fund and one venture capital vehicle, focused on later-stage investments, the source added. FII's main investor Cassa Depositi e Prestiti, which currently owns a 43% stake in the fund management firm, will act as anchor investor for the new funds.