First ESG-linked direct financing of funds of funds in Italy

First ESG-linked direct financing of funds of funds in Italy

Intesa Sanpaolo and Fondo Italiano d'Investimento SGR have signed the first bilateral ESG-linked direct financing operation of funds of funds in Italy.

With the signing of the agreement, Intesa Sanpaolo has made available two revolving credit lines with ESG (Environmental, Social and Governance sustainability) characteristics for a total of €55 million to support the activities of two funds of funds (FOF) managed by Fondo Italiano d'Investmento SGR: €30 million for FOF Private Equity Italy and €25 million for FOF Private Debt Italy.

ESG-linked loan conditions

The Intesa Sanpaolo ESG loan provides for economic conditions indexed to the achievement of specific indicators linked to sustainable development objectives in line with the existing ESG criteria of the Italian Investment Fund, which adheres to the Principles for Responsible Investment of the United Nations (UN PRI).

The role of Fondo Italiano d'Investimento SGR for the real economy

Fondo Italiano d'Investimento has as its main objective the management of closed-end investment funds dedicated to bringing patient capital to the system of small and excellent Italian companies in strategic sectors for the country.

Anchor investor of the two FOFs, as for all the funds managed so far by the Italian Investment Fund, is Cassa Depositi e Prestiti, with an initial commitment of 250 million euros, equal to half the expected target size of 500 million euros.

The capital of the two FOFs will soon be extended to the main Italian pension funds as part of the Real Economy Project, with which Cassa Depositi e Prestiti will make available to the funds belonging to Assofondipensione the possibility of co-investing in diversified instruments and, at the same time, of support the growth and competitiveness of Italian companies.