Fondamenta launches Atmost II set at EUR150m

01 July 2008

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Fund

Fondamenta has launched Atmos II, a EUR150m vehicle focusing on the cleantech and clean energy sectors. The fund, based in Italy, has a hard cap of EUR200m and a lifespan of seven years following a 4+3 structure, with a possible two-year extension, which according to the GP is best suited to the type of asset in question. This follows the model pursued by Atmos I which is now fully invested and showing a 20% IRR.

The fund accepts a minimum commitment of EUR1m from legal entities and EUR500,000 from high-net-worth individuals. The GP will contribute 1% of the total funds committed. Management fees are 2% with carry and hurdle set at industry standards. No legal counsel or placement agents have been retained at this time.

Investors

The fund is open to professional and institutional investors in Italy and Europe. Strategic investors (committing EUR5m+) and anchor investors (EUR20m+) will have special co-investor rights and access to investment sensitive information. Currently, Futura Invest and pension fund Enasarco, alongside some smaller investors, have committed EUR25m.

Investments

The vehicle will invest in Europe, particularly in Italy, and has a double focus: clean/renewable energy and related industries; and clean-tech. Emphasis is given to expansion investments with possibilities to invest in early-stage clean-tech firms that already showing a profit. The fund will carry out 12-15 investments ranging between EUR5-20m in equity, seeking significant minority positions. The GP is open to co-investments with LPs as well as other funds, in which case a majority stake will be sought through syndication. The preferred exit strategy is a trade sale, but could move to include IPOs given adequate market conditions.

People

Riccardo Cirillo, CEO and one of the founders of Atmos SpA is the main manager of Atmos and has been director of Fondamenta since 2008. Previously Cirillo worked for Intelligent Growth Partners where he was co-ordinator of the energy and environment division from 2002 to 2004. Prior to this, he occupied the position of project manager at the marketing, sales and M&A engineering divisions of Gruppo Fiat in the UK, France and Belgium where he began his career and worked for five years. He is supported by Alberto Argnani and Giueppe Campanella as well as a team of three other professionals: Valentina Bocca, Matteo Tempia and Andrea Fradagrada. Two new positions will be created by the fund's first closing, at least one of which at the executive level.

Name: Atmos II

Launched: February 2008

Focus: Cleantech, clean energy

Contact: Riccardo Cirillo

Address: Fondamenat Sgr, 2, Via Mazzini, Milan 20123, Italy

Tel: +39 02 7214 7722

Fax: +39 02 7214 7720.