Progetto Iride selects PE manager

The joint initiative consists of Foncer, Fondenergia Pension Fund, Fondo Gomma Plastica, Pegaso and Fondo Pensione Previmoda.

The consortium launched a request for proposals in March searching to appoint a private equity manager, as part of its plan to invest €216m in European PE.

The focus areas are on alternative investment funds investing in unlisted Italian companies, whose turnover derive largely from investments outside of Italy, in order to support the national economy and ensure at the same time an adequate diversification of the country risk, according to the press release.

The targeted sectors include buyout and growth strategies, but the consortium is not interested in riskier assets such as venture capital, distressed assets and turnaround vehicles.

Asset management firm Neuberger Berman was ranked first among 20 companies that responded to the tender; only six were shortlisted for a hearing during the second phase.

Progetto Iride is currently in discussion with Neuberger Berman regarding the operational set up, and the stipulation of a management agreement.

Unquote understands that the closing of the contract will take place in November, when the management agreement is signed.

Investment consultant Prometeia Advisor Sim assisted with the manager search.

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