FSI holds third close for mid-market fund

The fund held a first close on €1bn on 29 June 2017 after six months on the road, followed by a second close on slightly less than €1.2bn in December 2017. The GP told Unquote that the fundraising push will last until the end of December 2018.

FSI was established as a spin-out from Fondo Strategico Italiano in 2016, when the GP, which was 80% owned by Cassa Depositi e Prestiti and 20% by Banca d'Italia, split into two new entities: CDP Equity, which is wholly controlled by Cassa Depositi e Prestiti, and FSI.

As a result, FSI is now controlled by the firm's management, which owns 51% of the company, while Cassa Depositi e Prestiti holds 39.1%, and insurance company Poste Vita has a 9.9% stake.

Investors
The fund's LPs base is composed of 15 investors, including Cassa Depositi e Prestiti, which committed €500m when the fund launched. Various European insurance companies and banks have also comitted, as well as Middle Eastern and central Asian sovereign funds, international foundations, a pension fund, family offices and asset managers. Following the first close, a substantial investment came from the European Investment Fund.

The LP base is geographically diversified, with around 50% of the capital coming from Italian investors and the remainder from international LPs.

Investments
The vehicle intends to make 12-15 investments in Italian companies with an annual turnover of more than €100m, deploying equity tickets between €50-100m and acquiring primarily minority stakes. The vehicle will not invest in distressed companies and plans to use a very moderate amount of leverage in its buyouts. The fund recently deployed capital to acquire a 27% stake in Italian fintech business Cedacri and a 41.2% stake in Italian fashion house Missoni.

People
FSI – Maurizio Tamagnini (CEO).

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• Topics
• Funds
• Southern Europe
• FSI
• Italy