FII holds €110m second close for growth capital fund

The vehicle was launched with a €150m target and held a €50m first close in September 2017.

In addition, FII has launched a smaller vehicle in partnership with Lazio Innova, FII Tech Growth Lazio, with capital of €18m. That vehicle will target tech companies in the Lazio region (which includes Rome and its surroundings). It will invest alongside FII Tech Growth, which will deploy a total of €12m in co-investments.

MJ Hudson Alma advised Lazio Innova on the fund's structuring.

Investors
Italian state-backed Cassa Depositi e Prestiti acted as cornerstone investor, injecting the whole capital needed for the fund's first close in 2017. Furthermore, Tech Growth has now received an additional €250m commitment from CDP, as well as capital from Italian pension fund Cassa Forense surpassing €110m.

The capital for FII Tech Growth Lazio was provided by fund-of-funds Fare Lazio - Lazio Venture, a vehicle managed by Italian state-backed Lazio Innova.

Investments
FII Tech Growth acquires majority and minority stakes in small and medium-sized Italian companies operating in the technology, media and telecommunications sectors, with a turnover of €5-70m. It deploys equity tickets in the €5-20m range.

The fund has already invested in four companies: data specialist Bemyeye in November 2017; microcomputer developer Seco in April 2018; online grocery delivery platform Supermercato24 in June 2018; and digital marketing expert Healthware Group in January 2019. The vehicle has deployed around €30m so far.

FII Tech Growth Lazio will invest equity tickets of €3-10m in tech companies based in the Lazio region with high-growth potential and able to pursue an internationalisation strategy. 

People
Fondo Italiano d'Investimento – Carlo Mammola (CEO).
Lazio Innova – Andrea Ciampalini (general director).

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