CDP commits additional €100m to FoF PE Italia

Alessia Argentieri
06 May 2020

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Italian state-backed investment bank Cassa Depositi e Prestiti (CDP) has committed an additional €100m to FoF PE Italia, a private equity fund-of-funds launched by Fondo Italiano d'Investimento (FII).

This new commitment brings the total capital raised by the fund-of-funds to €300m.

"With this new investment, CDP intends to support the Italian economy at this difficult time, by making new resources immediately available to Italian companies and support their recovery in the aftermath of the crisis," said Fabrizio Palermo, CDP CEO.

FoF PE Italia was launched in May 2018 with a €600m target and held a first close in October 2019, when it received an initial €200m ticket from CDP.

FII intends to raise the rest of the capital from Italian institutional investors, primarily pension funds and insurance companies.

FoF PE Italia will invest in private equity funds operating in the Italian market to support local SMEs in their growth and international expansion. It will primarily target funds investing in companies operating in the technology industry or with a strong technology approach, with solid growth plans and able to pursue add-on opportunities.

This is the second private equity fund-of-funds managed by FII and aims to be larger than its predecessor, FoF PE, which was launched in 2010, raised €358m and invested in 16 Italian private equity funds.

FII is also currently fundraising for a venture capital fund-of-funds, FoF VC III, launched in May 2018 with a €200m target.

FII is controlled by Cassa Depositi e Prestiti, which owns 68%, while the remainder is held by Intesa Sanpaolo (12.5%), Unicredit (12.5%), Associazione Bancaria Italiana (3.5%) and Confindustria (3.5%).

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Fondo Italiano d'Investimento – Carlo Mammola (CEO).