IEEF II is the second closed-end alternative investment fund promoted and managed by FIEE SGR.

In July 2020, FIEE launched its second closed-end alternative investment fund called Italian Energy Efficiency Fund II (IEEF II).

IEEF II’s goal is to play a primary role as an investor in the new energy paradigm by contributing to the development of platforms for the energy transition.

IEEF II’s strategy is in line with FIEE I’s, with a focus on energy efficiency but some exposure also to renewables and energy storage systems.

In addition, IEEF II invests in energy services companies as well as manufacturing and assembling companies, in the broader context of the energy transition. In particular the Fund covers:

  • energy efficiency (public lighting, co-generation and tri-generation, energy efficiency in industrial facilities and companies, energy service in buildings, HVACR, etc.);
  • power generation from renewable sources;
  • other innovative infrastructure related to energy transition (energy storage systems, hydrogen, electrification of transport, energy communities, etc.).

IEEF II is establishing itself as a reference investor and partner for the energy transition in Italy and other European countries. In particular, through its portfolio companies, IEEF II is currently active in energy service in residential buildings, in the HVACR sector, in the development of energy storage and energy communities, as well as in power generation from renewable sources.


Investee companies



€ 160mln


€ 32mln


402.103 MWh

Generation from renewable sources

80.815 tCO2

CO2 emissions avoided

2020 data, PLT Energia investee of both funds.


As at October 2021, IEEF II has raised € 166.4 million and expects to reach its € 200 million hard cap in 2021.
IEEF II’s investors are divided into two main categories, according to the different classes of shares subscribed:

  • Qualified Investors: professional and retail investors, A share subscribers for a total of € 145.7 million, of which over 80% are re-ups from FIEE I investors;
  • Management of FIEE SGR: A share subscribers for a total of € 2.5 million and B share subscribers for a total of € 1.5 million.

The chart below shows the breakdown of fund inflows by investor class.

The European Investment Bank is the anchor investor of the fund with a commitment of 25 million euros.

Advisory Board

Collegial body representing investors which operates with advisory or binding functions, pursuant to the Fund LPA.

The Advisory Board expresses its non-binding opinions in relation to particular important events for the Fund. Furthermore, FIEE Board of Directors requests its prior consent in some specific instances, e.g. in cases of potential conflict of interests, co-investments or requests for concentration limits’ extensions.

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