Astonishing year for F2i: 425 million Euros of total profit

By: James Robey

The results achieved by F2i in 2016 and the future plans of the Fund managed by Renato Ravanelli, which is ready to start fundraising again.

Aggregate profit of F2i in 2016: the results achieved by the Fund managed by Renato Ravanelli
2016 can be considered an astonishing year for F2i: the fund managed by Renato Ravanelli recorded 425 million Euros total profit, marking a significant rise compared to last year (+37%). This profit was calculated mixing the results achieved from both the funds: the First closed its investment this month, whereas the Second invested more than 50% of its asset. The Radiocor agency reported recently these results which are the basis to start fundraising for the Third Fund by the end of this year. While insiders expect it to be conspicuous, there are no information on the total target capital of the fund but there would be a more significant share from international investors. Thanks to the profit achieved in 2016, F2i distributed something like 416 million Euros to over 60 Italian and international investors. Among the major investors of the Fund managed by Renato Ravanelli we have to remind Cassa Depositi e Prestiti, Intesa Sanpaolo, Unicredit, major Italian bank foundations and welfare funds, as well as international giants such as Ardian, the China Investment Corporation and the Corean National Pension Fund. F2i portfolio includes investments in 14 companies which work in different areas connected to infrastructures: 2i Rete Gas, 2i Aeroporti, Mediterranea delle Acque, Kos’ and many others. 2i Rete Gas, in particular, recently closed the placement of a 435 million Euro senior bond expiring on August 28th 2016. The bond ensures a yearly coupon at a 1.75% fixed rate.

F2i: history and features of the fund managed by Renato Ravanelli
Founded in 2007, F2i is an investment fund which works in various infrastructure areas: from transport to transmission and distribution of electricity, passing through gas and water, storage depots, telecommunications networks and media, plants producing electricity from renewable and traditional sources, waste-to-energy, health, local public services and social infrastructure. From its birth, the fund managed by Renato Ravanelli completed the acquisition of a minority share of Alerion Clean Power S.p.A. (15,7%), 49,8% of HFV, Enel Stoccaggi, 26% of Infracis, 40% of Mediterranea delle Acque, a major share of Gesac - Napoli Capodichino airport (70%), G6 Rete Gas S.p.A., 63,8% of Enel Rete Gas, 53,8% of Metroweb S.p.A., Saternet S.p.A., 80% of TRM, 50,8% of Sagat S.p.A. and 44,3% of SEA. Banking institutions such as CDP – Cassa Depositi e Prestiti, Intesa Sanpaolo, UniCredit Group, Bank of America Merrill Lynch, Compagnia di San Paolo, Ente CR Firenze, Fondazione Banco di Sardegna, Fondazione Cariplo, Fondazione Cassa di Risparmio di Torino, Fondazione Cassa di Risparmio di Lucca, Fondazione Cassa di Risparmio di Padova e Rovigo, Fondazione Cassa dei Risparmi di Forlì, Fondazione Cassa di Risparmio di Cuneo, Inarcassa e CIPAG are the main investors. After having started the First Fund in august 2007 and the Second Fund in July 2012, F2i is ready to start a Third Fund by the end of the year.

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F2i marks a significant rise in 2016: +37% compared to last year

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