Fondo Italiano hits €163m final close for VC fund-of-funds

Amedeo Goria
25 July 2017

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Italian state-backed investor Fondo Italiano d'Investimento (FII) has held a final close on €163m for its venture capital fund-of-funds.

Following the recent €3m commitment raised from Fondazione Cariparo, the firm hit a final close on €163m for Fondo di Fondi Venture Capital.

The vehicle targets venture capital funds and has already committed €15m to Innogest's second fund, Innogest Capital II; €10m to Soffinova's eighth fund, Sofinnova Capital VIII; and €3m for Oltre Venture's Sicaf vehicle, Oltre II.

The fund also invested €17m in Primomiglio's Barcamper Ventures and €17m in the Vertis vehicle Vertis Venture 2.

FII also currently manages its maiden venture capital fund-of-funds, FII Venture, which is fully invested. The fund committed capital to four Italian venture capital first-time funds: €20m in P101's Programma101, €10m in 360 Capital 2011, €14.7m in United Ventures One and €20m in Panakés Fund, managed by Panakés Partners. Furthermore, it committed €15m to the seventh vehicle of Sofinnova Partners, Sofinnova Capital VII.

Founded by the Italian Economy Ministry in 2010, FII currently manages five funds with €1.66bn in assets under management. These include a direct buyout fund, a private equity fund-of-funds, two venture capital funds-of-funds and a private debt fund-of-funds.

Investors
Launched in September 2014 with a €150m target, the vehicle held a first closing following Cassa Depositi e Prestiti's €50m commitment. More recently, the GP held a second closing on €60m, as ICBPI and Intesa Sanpaolo committed €5m each in April 2015.

In January 2016, pension funds Cassa Forense and Intercassa committed €10m each, triggering the fund's third closing on €80m.

Subsequently, Cassa Depositi e Prestiti committed €75m of additional capital in the fund's fourth closing.

Lastly, as part of the fifth and final closing, Cassa Forense also raised its commitments to the fund with an additional €5m.

Investments
The vehicle has a 15-year lifespan with three years of optional expansion. The initial seven years are dedicated to the investment phase.

The GP invests in Italian venture capital houses with commitments ranging within the €5-20m bracket. Currently, the fund has committed €62m.

People
Fondo Italiano d'Investimento – Carlo Mammola (CEO); Luigi Tommasini (senior partner); Cristina Bini (partner); Giacomo Valentini, Simona Corno (investment managers).