FSI, Italy-based growth Partnerships specialist, has reached final closing for FSI II at an increased hard cap of approximately €1.6 billion. This size represents the largest fund in Europe fully dedicated to one single country and the largest private equity pool of capital ever raised to support exclusively the growth of Italian mid-market corporates.
The new fund surpassed its fund-raising target of €1.5 billon and is larger than its predecessor FSI I at almost €1.4 billion.
The closing marks a 15-years track-record of successful implementation of the FSI partnership formula.
Despite a complex fundraising market, FSI II received strong demand from investors internationally (55%) and in Italy (45%). The Fund attracted both existing and new investors, with over 90% of FSI I LPs re-upping and 33 new relationships added, with new money being in excess of €500 million.
FSI’s LP base is now even more diversified and balanced across Pension Funds, Sovereign Funds, European Banks and Insurance groups, Asset Managers, Fund of Funds and prominent Italian and international Family Offices.
The successful close of Fund II cements FSI position as one of the leading country-specialists in Europe with extensive local networks to access investments outside of auction processes. Furthermore, it confirms the firm’s leadership in Tech, Fintech and Healthcare private investments in Italy, sectors that are expected to benefit from secular growth. FSI I completed 11 investments, 25 bolt-ons, and deployed over €1 billion in its key verticals. In addition, the Fund returned €1.3 billion to its investors, resulting in one of the highest DPIs for its vintage in Europe.
Maurizio Tamagnini, FSI CEO and Managing Partner commented: “On behalf of all at FSI, I would like to thank sincerely all FSI II investors for their trust and continued support during this important milestone of our history”.
Barnaba Ravanne, FSI CIO and Co-Managing Partner concluded: “Over the years the FSI Team has consistently executed on its differentiating investment proposition, combining compelling financial results for our investors, with transformational growth projects for our portfolio companies and our partners, which is at the heart of our growth capital formula”.
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