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Investments

F2i’s investment policy seeks to create a diversified portfolio of equity stakes in companies active in all infrastructure sectors, primarily in Italy.

F2i (on behalf of the Second and Third Fund) acquires qualified majority or minority interests that enable it to play a significant role in the companies’ governance.

Objective: to create lasting and stable value and solid returns.
In particular, the Funds’ by-laws establish the following criteria for portfolio diversification:

  • investments in an individual company or in companies belonging to the same group:
    may not exceed 20% of the total amount of the Fund (or 25% in the case of companies operating mainly in a regulated-rate sector), subject to exceptions* (25% or 30%, respectively);
  • greenfield investments:
    may not exceed 20% and 10% respectively of the Second and Third Fund’s total amount, subject to exceptions* (25% for the Second Fund and 15% for the Third);
  • investments in European Union member states:
    may not exceed 20% and 10% respectively of the Second and Third Fund's total amount, subject to exceptions* (25% for the Second Fund and 15% for the Third Fund);
  • investments in listed financial instruments:
    may not exceed 20% and 10% respectively of the Second and the Third Fund's total amount, subject to exceptions* (25% for the Second Fund).

The investment period for the First Fund began from the date of the first closing (December 2007), with a timeframe of 15 years (due date of 31 December 2024). The investment period concluded in 2017, with 98.5% of the capital called up, making for 1.8235 billion Euro out of a total of 1.852 billion.
In the case of the Second Fund (first closing in October 2012), the timeframe was 12 years, coming due in 2024.
The Third Fund (first closing in December 2017) also has a timeframe of 12 years, coming due in 2030.
On 13 December 2017, following an operation of merger through incorporation, the assets of the First Fund were combined with those of the Third, which is about to initiate new investments. As for the Second Fund, it is currently invested at about 80% of its maximum amount.


* Exceptions must be approved by the advisory committee.