The aim of the Fund, dedicated to a medium-long term time horizon,is to create
a broader spectrum of medium-sized companies, by encouraging
the aggregation of smaller companies allowing them to be more competitive at the
national and international level.
The project will essentially involve investing in the risk capital (private equity) of SMEs that operate in various industrial, trade and services sectors to accompany them, coherently and professionally along their growth plans.
The Company therefore intends to establish, promote and manage closed-end investment funds, for qualified investors, aimed at enhancing the capitalisation of SMEs through both direct investments, and indirect investments as "fund-of-funds".
The project to create the Management Company (SGR) and to promote the Fund was developed
by a Steering Committee created in December 2009, of which the representatives include
the Italian Ministry of Treasury and Finance, the "Sponsor Banks" (UniCredit Group
SpA, Intesa Sanpaolo SpA, Banca Monte dei Paschi di Siena SpA and Cassa Depositi
e Prestiti SpA) Confindustria (the Italian Industrial Association) and Associazione
Bancaria Italiana (the Italian Banking Association).
In order to achieve the goals set by the Committee, in the second half of 2010 the first Fondo Italiano di Investimento was launched, a closed-end investment fund for qualified investors, investing in the risk capital (private equity) of SMEs that operate in various industrial, trade and services sectors to accompany them, coherently and professionally along their growth plans. The Fund, whose total amount is 1.2 billion Euro, operates through both direct investments and indirect investments as "fund of funds". Cassa Depositi e Prestiti, Banca Monte dei Paschi di Siena, Intesa-Sanpaolo and UniCredit Group, jointly referred to as "Sponsor Banks", underwritten an initial commitment of one billion Euro, later followed by the commitment underwritten by some credit banks (ICBPI, Credito Valtellinese, Banca Popolare di Milano, Banca Popolare dell'Emilia Romagna, UBI Banca and Banca del Cividale), which amounted to 200 million Euro.
In November 2010, the Fund completed its fist closing of 1,200 million Euro.
In the second half of 2014, on the initiative of Cassa Depositi e Prestiti, two new funds of funds were launched, one for the venture capital market and the other for the private debt market for Italian companies.
On 5th April 2016, Unitholders Meeting has approved the partial proportional demerger of “Fondo Italiano d’Investimento” into three separated investment vehicles, each dedicated for the scope of the business: Fondo Italiano d’Investimento, dedicated to invest directly in companies with a turnover ranging from 10 to 250 million Euro; Fondo Italiano d’Investimento Fondo di Fondi, focused on indirect investment in other private equity funds or vehicles; Fondo Italiano d’Investimento FII Venture, focused on indirect investment in other venture capital funds or vehicles
The key stages of the project can be summarised as follows:
16/12/2009: presentation and description of the project
18/03/2010: set up of the SGR (management company) and announcement to the press.
30/03/2010: appointment of the Chief Executive Officer
24/06/2010: submission of the application for the authorisation from Bank of Italy to carry out asset management activities and for approval of the Regulation of the closed-end investment Fund
24/08/2010: obtainment of Bank of Italy authorisation for the SGR to provide the
collective asset management service, with listing on the Register as per art. 35,
subsection 1 of Legislative Decree 58 of 24th February 1998 and approval of the
regulation of the closed-end fund "Fondo Italiano d'Investimento"
2011 was the Fund's first year of full operation (download the relation in english)
1/09/2014: the two new funds of funds were launched
5/04/2016: Unitholders Meeting approves the partial proportional demerger of Fondo Italiano d’Investimento into three different investment vehicles