In-Prendo makes EUR10m first close; ties up three

01 February 2008

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Fund

In-Prendo has reached the first close of its H2i SpA fund on EUR10m. The fund is structured and organised as a pure Italian financial holding company. The fund anticipates a second close on EUR25m by the end of this year. The minimum commitment for this fund is EUR1.5m for institutional investors and EUR500,000 for high-net-worth private investors. First pay-down requested was set at 25% of the amount committed. The management fees are fixed at 1.5%, with an extra fee subject to the positive performance of the net earnings coming from the companies participated by the fund. Currently there are no restrictions on the fund.

Investors

In-Prendo, is the main sponsor and invested EUR650,000 for a 6.5% stake. The other two original funders, Banca Popolare dell'Emilia Romagna (BPER) and Assicurazioni Generali, each committed EUR1.5m for a 15% stake in the fund. Other investors include Fundazione Cassa di Risparnio di Alessandria and FILAS (one of the financial arms of the Regione Lazio) also with 15%; Unicredit Capitalia with less than 10% participation, as well as high-profile families like the Coin family.

Investments

H2i will seek to combine private capital with available regional, state or European funds. The fund will acquire stakes of at least 20% in expansion deals in the small to medium-sized Italian companies from all sectors. Minimum investment is set at EUR1.5m.

Regionally the fund will focus on central and northern Italy (Lazio, Umbria, Toscana, Marche, Abruzzi, Campania, Veneto, Friuli and Lombardia) and it will aim to close at least three deals per year. The fund has already closed three deals totalling EUR3.5m: electricity player Elettra; 3D movie animation production company Dujass Film and GFC, a coffee producer and distributor that boasts the Caffe Fantini brand name.

People

Albo Francesconi, is the main shareholder and CEO of In-Prendo Advisory with a position in the investment team for the fund together with executive director Giovanni Sartoretti. They are supported by a team of 10 other professionals.

ITALY

Name

H2i - Holding di Iniziativa Industriale SpA

Target

EUR25m

First close

December 2006

Focus

Expansion SMEs

Contact

Albo Francesconi

Giovanni Sartoretti