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 about €2.3bn and €282m.
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 $7bn for such secondary private equity investments.
Neuberger Berman was represented in this transaction by Gianni Martoglia and Giorgio Groppi and 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.