Fund II

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

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

Established in July 2020, Fund II closed its funding at € 201 million in January 2022, exceeding the initial target of € 175 million and the threshold of € 200 million.

Fund II has already completed six investment transactions in companies active in the energy community, residential energy service, renewables, innovative HVACR technologies and energy storage segments, allocating € 143 million of the capital raised.

In December 2022, Fund II also realised its first exit related to the sale of its stake in PLT energia S.r.l., generating high returns for the fund.

The objective of Fund II 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.

The strategy of Fund II is in line with that of Fund I and energy efficiency in Italy remains the main target market.

However, Fund II aims to invest in ESCos, as well as in production and assembly companies active in the broader context of energy transition; in particular:

  • in energy efficiency (public lighting, co-generation, tri-generation, energy efficiency in industrial plants and enterprises, energy service for energy saving/energy efficiency in existing buildings, innovative HVACR technologies, etc.)
  • in power generation from renewable energies (wind, solar, biomass, etc.);
  • in innovation and infrastructure for energy transition (energy storage, electrification of transport, energy communities, etc.).

Fund 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, Fund 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.

In December 2022, the investee PLT Energia was fully sold to Eni Plenitude at a total price of € 900 million. Fund II fund sold its respective shareholding.

The transaction generated high returns for the fund.





€ 247 mln


€ 15 mln


7,663 MWh

Electric energy generated

154,528 tCO2

CO2 emissions avoided

7,593 MWh

Energy savings


In January 2022, Fund II closed at € 201.4 million, exceeding the initial target of € 175 million and the threshold of € 200 million.

Fund II Investors, depending on the different share classes subscribed, fall into two main categories:

  • Qualified Investors: professional and retail investors, subscribers of A units totalling € 197.2 million, of which over 70% already subscribers of the Fund I;
  • Partners and Managers of FIEE SGR: subscribers of A units for a total of € 2.7 million and of B units for a total of € 1.5 million.

The chart below shows the breakdown of the fund’s funding by investor class.

With a subscription commitment of € 40 million, the European Investment Bank assumed also the role of anchor investor in Fund II.

Advisory Board

A collegial body representing investors acting in an advisory or binding capacity, pursuant to the Fund’s Regulations.

The Advisory Board expresses its non-binding opinion in relation to matters of particular relevance to the Fund. In addition, the Board of Directors requests the prior consent or approval of the Advisory Board with regard to certain cases provided for in the Fund’s Regulations, such as, for example, cases in which investment thresholds are exceeded, transactions involving conflicts of interest or co-investments.

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