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Neuberger Berman acquires Italian investment fund

Neuberger Berman acquires Italian investment fund

Asset management firm Neuberger Berman has acquired all units of Italian investment fund, Fondo Italiano Di Investimento (FII), the company has announced.

Private equity funds managed by Neuberger Berman acquired the assets from Cassa Depositi e Prestiti, Intesa Sanpaolo, UniCredit, Monte dei Paschi di Siena and several other Italian firms.

FII’s portfolio includes minority positions in 21 portfolio companies with aggregates sales and EBITDA of €2.3 billion and €282 million respectively.

The fund will be managed by a team of investment professionals, all from Fondo Italiano d’Investimento SGR, and will maintain a consistent investment philosophy focusing on long-term value creation.

This deal marks Neuberger’s second major transaction in the Italian market after it acquired a significant portfolio of investments from Intesa Sanpaolo in 2015. 

Last year, Neuberger struck a deal with the Italian bank, to allow it to bring its Ucits-compliant fund range to the Fideuram and Sanpaulo Invest Network.

Commenting on the acquisition, Neuberger’s global head of Alternatives, Anthony Tutrone said: ‘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.’

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