Fondo Italiano to launch two funds-of-funds

Alessia Argentieri
17 May 2018

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Italian state-backed investor Fondo Italiano d'Investimento (FII) has announced it will launch two new funds-of-funds, Private Equity II (FoF PE II) with a €600m target, and Venture Capital III (FoF VC III) with a €200m target.

Unquote understands that FII plans to launch both funds in the coming weeks.

According to a statement, FoF PE II will target private equity funds that invest in Italian SMEs operating in the tech industry or with a strong technology approach, with solid growth plans and able to pursue add-on opportunities. FoF VC III will deploy capital to support both the launch and the investment initiatives of VC funds targeting primarily Italian late-stage startups.

Cassa Depositi and Prestiti has already committed €100m to each vehicle, while FII intends to raise the rest of the capital from Italian institutional investors, primarily pension funds and insurance companies, Unquote understands.

A team led by FII senior partner Luigi Tommasini will direct the vehicles' investment strategy.

Both funds will be larger than their predecessors: Private Equity I, a €389m vehicle launched in 2010, is fully deployed in 16 private equity funds; Venture Capital II, which raised €163m in 2014, is also fully invested in nine VC funds.