Investments

The investment policy of F2i aims to create a diversified portfolio including companies active in all infrastructure sectors, predominantly in Italy.

F2i proposes to buy majority or relevant minority stakes, so that to be able to exercise a significant role in the company's corporate governance.

F2i objective is to create longlasting value as well as stable solid returns.

The Fund’s rules and regulations lay down the following diversification criteria for the investment portfolio:

• investments in each company or in companies belonging to the same group cannot exceed 20% of total Fund (25% if companies belonging to the same group operate essentially in regulated sector), except by waiver (respectively 25% and 30%)*;
• “greenfield” investments:
  cannot exceed 20% of the total Fund, except by waiver (25%)*;
• investments in European Union Member States:
  cannot exceed 20% of total Fund, except by waiver (25%)*;
• investments in listed financial instruments:
  cannot exceed 30% of total Fund, except by waiver (40%)* and/or a subsequent delisting operation.

The investment period started on the date of the first closing in December 2007 and will be concluded at the end of February 2013. There is the possibility of extension up to a maximum of two years.
The total Fund horizon is 15 years, expiring on 31 December 2024.
Up to now the amount committed by the Fund in the current investment portfolio - including investments in the process of being closed (after signing of binding agreements) - amounts to approximately 550 million Euros (around 30% of total Fund commitments).

* The waivers have to be approved by the Advisory Committee.