FIEE holds first close on €86m

The vehicle, which has a target of €150m, is expected to hold a final close in December 2016.

Former Merrill Lynch managing director Raffaele Mellone will run the firm as president, while Enel Green Power director Andrea Marano will take on the position of CEO.

Mellone said in a statement the fund had initially targeted a first close of €50m, though the fundraising was accelerated due to a pipeline of existing investment opportunities. He also said a further €14m has already been secured towards the vehicle’s next close, with the additional institutional investors in the process of undertaking due diligence.

Other senior advisers to the firm include former Enel CEO Fulvio Conti and former Mediobanca director Maurizio Cereda. Lamse, the investment firm owned by Juventus president Andrea Agnelli and his sister Anna, will also be represented by investment manager Andrea Longatti.

Investors
FIEE received 75% of the fund’s commitments from institutional investors, including funds-of-funds, investment firms and public bodies. The European Investment Bank has committed €25m to the vehicle. The remaining 25% of commitments came from private investors, with the firm’s partners making a total commitment of €5m.

Investments
FIEE will co-invest in the energy efficiency sector alongside trade backers, with limited use of leverage. The fund will have an investment period of six or seven years and a total lifespan of 12. It will make small investments of €1-5m and medium-sized investments of €5-20m.

The GP said it anticipates making its maiden investment in autumn 2016. It is currently looking at opportunities in the lighting, cogeneration and industrial processes sectors.

People
FIEE – Raffaele Mellone (president); Andrea Marano (CEO).

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