F2i Fondi Italiani per le Infrastrutture

Name

F2i Fondi Italiani per le Infrastrutture

Legal name

F2i SGR S.p.A.

Website

https://f2isgr.it

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Roma

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Management Fees: F2i earns management fees from managing closed-ended infrastructure funds on behalf of institutional investors. Fees are typically charged on committed capital during the investment period and on invested capital thereafter.
2. Carried Interest: Performance-based carried interest earned when fund investments generate returns above specified hurdles. The Second Equity Fund generated 2.6 billion euros in value from 1.2 billion invested capital, achieving approximately 14.5% IRR.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

F2i SGR S.p.A. is an asset management company that creates and manages closed-ended infrastructure investment funds exclusively for Qualified Investors. The platform combines equity and credit strategies to invest in infrastructure assets across six sectors: Energy for Transition, Digital Infrastructures, Transport and Logistics, Circular Economy, Social Infrastructures, and Distribution Networks, deploying capital through portfolio companies in airports, energy, telecommunications, ports, rail, and healthcare.

Product overview

F2i SGR is Italy's leading independent infrastructure fund manager offering an integrated platform combining equity and credit investment strategies. The firm manages multiple distinct fund products: equity funds (including the First through Seventh Equity Funds, the Sustainable Infrastructure Fund, Rete Digitale Fund, and ANIA F2i Fund) and debt funds (Infrastructure Debt Fund 1 and Infrastructure Credit Fund 2). These funds invest across six strategic sectors: Energy for Transition (renewables, gas infrastructure), Digital Infrastructures (fiber, towers, data centers), Transport and Logistics (airports, ports, rail freight), Circular Economy (waste recovery), Social Infrastructures (healthcare facilities), and Distribution Networks (water, gas). The portfolio includes controlling stakes in operating companies such as Sorgenia (energy transition), FHP Group (port/rail logistics), 2i Aeroporti (airports), FiberCop (telecom networks), and HISI (healthcare infrastructure), among others. The Seventh Equity Fund is currently in fundraising with a €1.5 billion target, structured in Italian and European compartments.

Differentiator

Problem solved

Functional benefit

Brands

• F2i Infrastructure Credit Fund II (ICF2): Second infrastructure credit fund focusing on senior and senior holdco debt across Europe
• Fondo per le Infrastrutture Sostenibili
• Infrastructure Debt Fund 1 (IDF1)
• HISI (Holding Investimento Sanità e Infrastrutture)
• FHP Group
• Sorgenia

Products and services

• F2i Infrastructure Credit Fund II (ICF2) F2i's second infrastructure credit fund targeting €750 million in commitments, focused on senior and senior holdco debt across European core markets in sectors including energy transition, digital infrastructure, social infrastructure, environment, and sustainable mobility. Qualifies as Article 8 under SFDR with taxonomy-aligned investments. Reserved to Qualified Investors.
• Infrastructure Debt Fund 1 (IDF1) F2i's inaugural infrastructure debt fund that reached its €500 million target and was fully invested in 15 deals across core European markets, providing debt financing for infrastructure projects. Reserved to Qualified Investors.
• F2i – Rete Digitale (Fondo VI) Sixth equity fund of F2i dedicated to investment in NetCo, the national fixed network of TIM, with successful fundraising target reached and €1 billion investment planned alongside KKR and MEF (Italian Ministry of Economy). Reserved to Qualified Investors.
• Fondo per le Infrastrutture Sostenibili (Fondo V) Fifth equity fund of F2i dedicated to sustainable infrastructure investments, successfully completed fundraising at €1.563 billion, exceeding its initial €1.5 billion target. Reserved to Qualified Investors.
• F2i Second Equity Fund Second equity fund with €1.2 billion in commitments that invested in infrastructure companies across Italy and abroad, generating €2.6 billion in value (approximately 2x invested capital) with an IRR of approximately 14.5%. Reserved to Qualified Investors.
• Fondo ANIA F2i Specialized equity fund in partnership with ANIA (National Association of Insurance Companies) focused on healthcare infrastructure and public-private partnerships in Italy. The platform HISI (Holding Investimento Sanità e Infrastrutture) invests in hospital non-clinical service concessions with approximately 2,400 beds across four regions. Reserved to Qualified Investors.
• F2i Seventh Equity Fund F2i's Seventh Equity Fund, currently in fundraising with a target size of €1.5 billion, structured in two compartments (Italian and European), targeting investments across energy transition, transport and logistics, digital infrastructure, and distribution networks. Reserved to Qualified Investors.

Quantifiable outcome

• Second Equity Fund generated 2.6 billion euros value from 1.2 billion euros invested capital (approximately 2x return)
• +3 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• FS Logistix (Gruppo Ferrovie dello Stato)coreStrategic or Co-development Partner · 22 April 2026FS Logistix to acquire 30% stake in CFI (Compagnia Ferroviaria Italiana) from FHP Group, strengthening intermodal rail freight transport market. Part of project to develop FHP as a pan-European logistics operator.
• Marina di LavagnaminorStrategic or Co-development Partner · 1 April 2026F2i Levante won 50-year concession for Marina di Lavagna tourist port with 75 million euro investment plan. Port has 1,500 berths for vessels from 8 to 51 meters.
• FHP GroupcoreStrategic or Co-development Partner · 26 May 2025FHP Group (formerly FHP Holding Portuale) integrated with CFI to create Italy's leading integrated maritime-terrestrial logistics operator in dry bulk and break bulk. Manages 8 port concessions, 4 intermodal terminals, and operates 40 locomotives and 1,240 railcars.
• JetexminorStrategic or Co-development Partner · 24 February 2025F2i and Jetex signed MoU for development and management of general aviation at Naples and Salerno airports. Jetex to support Gesac in expanding high-end tourism and developing strategic economic partnerships in Campania.
• HISI (Holding Investimento Sanità e Infrastrutture)coreStrategic or Co-development Partner · 16 January 2025HISI, platform of ANIA F2i fund for public-private partnerships in Italy, acquired 100% of C2i from Infracapital (M&G Plc). Portfolio includes hospital concessions at Vimercate, Empoli, and Careggi serving approximately 2,400 beds.
• MFE - MediaForEuropeminorStrategic or Co-development Partner · 19 December 2024RAI, F2i and MFE signed MoU for preliminary analysis of potential aggregation between RAI Way and EI Towers. Exclusivity period extended by 6 months to March 2026.
• ItalgasminorStrategic or Co-development Partner · 5 October 2024F2i and Finavias (Ardian and APG Asset Management vehicle) sold their entire stake in 2i Rete Gas to Italgas. F2i held 63.9% and Finavias 36.1% of Italy's second largest gas distribution operator.

Scale indicators19 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Antin Infrastructure Partners: Listed European mid-market infrastructure fund manager headquartered in Paris. Directly comparable to F2i in terms of AUM scale, sector focus (energy transition, digital, transport), and business model of raising flagship equity funds for European core-plus/value-add infrastructure.
• EQT Infrastructure: Swedish-based global infrastructure fund manager raising multiple equity vintages. Comparable to F2i as a multi-fund European infrastructure platform investing across digital, transport, energy transition, and social infrastructure.
• Cube Infrastructure Managers: Luxembourg-based independent infrastructure fund manager managing equity and debt funds focused on European core infrastructure. Directly comparable in size, fund family structure, and continental European sector coverage.
• Meridiam: Paris-based infrastructure asset manager focused on long-term public infrastructure concessions across Europe, North America, and Africa. Directly comparable to F2i as a fund manager specializing in long-duration European core infrastructure equity investments with strong public-sector focus.
• Marguerite Fund: Pan-European infrastructure fund backed by leading European public financial institutions. Directly comparable to F2i as a long-term infrastructure investor in European transport, energy, and digital assets — and notably an existing co-investment partner of F2i on multiple Italian deals.
• Infranity: Paris-based infrastructure debt and equity asset manager owned by Groupama. Comparable to F2i in combining infrastructure equity and credit strategies focused on European core and core-plus assets.

Broad incumbents

• Macquarie Asset Management (Infrastructure): World's largest infrastructure asset manager with a multi-decade track record in European infrastructure (airports, energy, digital). Direct competitor to F2i in the same Italian and European deal flow, but operating at much larger scale with broader global mandate.
• Brookfield Asset Management (Infrastructure): Global infrastructure and renewable energy platform with deep European presence. Comparable as a competitor in European core infrastructure and renewables investments, and an indirect competitor to F2i's Sorgenia and renewable energy portfolio companies.
• Partners Group (Infrastructure): Swiss-based global private markets firm with a sizable infrastructure franchise. Comparable to F2i at the platform level, but operates at significantly larger scale and broader global mandate rather than a country-specialist model.
• KKR Global Infrastructure: Global infrastructure platform of KKR, raising large multi-billion dollar funds. Comparable as a co-investor in F2i's FiberCop and 2i Aeroporti deals, and competes for the same European core and core-plus infrastructure opportunities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A23 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about F2i Fondi Italiani per le Infrastrutture