Neuberger Berman announces the acquisition of Fondo Italiano di Investimento
30th November 2017 — Funds managed by Neuberger Berman, including NB Secondary Opportunities Fund IV LP*, have acquired all units of Fondo Italiano di Investimento (“FII”). The assets were acquired from Cassa Depositi e Prestiti, Intesa Sanpaolo, UniCredit, Monte dei Paschi di Siena, Nexi, Banco BPM, Banca Popolare dell’Emilia Romagna, Credito Valtellinese, Banca Popolare di Cividale and UBI Banca.
The portfolio of FII includes minority positions in 21 portfolio companies with aggregated sales and EBITDA equal to c. €2.3 billion and c. €282 million, respectively. The Fund will be managed by a team of nine investment professionals coming from Fondo Italiano d’Investimento SGR. The team will maintain a consistent investment philosophy focusing on long term value creation, in partnership with leading entrepreneurs with growth projects.
This is the second major transaction for Neuberger Berman in Italy, after funds managed by it acquired a significant portfolio of investments from Intesa Sanpaolo in 2015. This transaction continues Neuberger Berman’s secondary private equity investment strategy to provide liquidity to institutional investors looking to monetize their private equity portfolios. Indeed, since 2005, Neuberger Berman’s private equity team has raised over $7 billion for such secondary private equity investments.
Anthony Tutrone, Managing Director and Global Head of NB Alternatives, commented: “We are delighted to have members of the Fondo Italiano team joining our private equity business in Italy which is focused on partnering with mid-market companies. We believe there are very strong Italian entrepreneurs, who are leaders in their fields, and who, with access to our global network and capital, can successfully internationalise and accelerate their growth plans.”
Neuberger Berman was represented in this transaction by Messrs. Gianni Martoglia and Giorgio Groppi and Ms. Alessandra Ghezzi of Gatti Pavesi Bianchi Law Firm in Milan, as well as Christian Neira, general counsel of Neuberger Berman’s private equity business and Jagdip Gujral, associate general counsel.
*The NB Secondary Opportunities Fund IV LP closed in January 2017