Fund III
Fund III is the third closed-end alternative investment fund promoted and managed by FIEE SGR focused on the energy transition
Fund III has raised € 280 million as of December 2025. Fund III’s anchor investors include the European Investment Fund and CDP Real Asset SGR S.p.A..
Energy Transition Fund III builds on the track record and capabilities developed through the first two funds, with the ambition to position FIEE as a leading investor in Europe’s next phase of energy transition.
The fund’s objective is to develop and scale high-quality platforms that accelerate decarbonization, improve energy efficiency, and support the roll-out of innovative and resilient infrastructure.
While maintaining full continuity with the strategic approach adopted in Fund I and Fund II, Fund III broadens its geographical focus and reinforces its presence across market segments with strong structural growth.
Classified as an SFDR Article 9 fund, it is designed to deliver measurable contributions to the energy transition, primarily through CO₂ reduction and efficiency-driven investments.
Fund III
Strategic Pillars
PLATFORM BUILDING
Creating market-leading platforms through consolidation, targeted bolt-ons, and strategic expansion, supported by a hands-on approach and industrial expertise.
VALUE-ADDED GROWTH CAPITAL
Partnering with experienced entrepreneurs and management teams, providing strategic guidance, operational know-how, and access to FIEE’s established network of industrial, financial, and institutional partners.
GEOGRAPHIC EXPANSION
While Italy remains a core market, Fund III expands its investment perimeter also to European countries, supported by the development of new local offices to strengthen origination and portfolio oversight.
DISCIPLINED RISK–RETURN PROFILE
Focus on companies with resilient business models, solid cash-flow visibility, long-term contracts, and the potential for significant scalability and value creation.
ROBUST ESG INTEGRATION
As an Article 9 fund, sustainability is embedded throughout the investment process. Fund III prioritizes investments with clear and quantifiable environmental benefits, with avoided CO₂ emissions serving as a key performance metric.
REGULATORY & POLICY ALIGNMENT
Given the evolving European regulatory landscape, Fund III maintains a proactive approach to monitoring, interpreting, and integrating energy-transition policies. This ensures that portfolio companies benefit from supportive frameworks, incentive mechanisms, and long-term regulatory visibility.
Fund III
Focus
RENEWABLES AND STORAGE
Platforms active in wind and solar generation, rooftop and ground-mounted self-consumption PV, and integrated renewable-plus-storage solutions.
CIRCULAR ECONOMY
Investments in recycling and material recovery platforms, sustainable waste management solutions, circular production processes, and technologies that enable the reuse, repair, and valorisation of resources.
ENERGY EFFICIENCY AND SMART INFRASTRUCTURE
Investments in public lighting, energy services for public and private buildings, HVACR efficiency, district heating and cooling networks, and digital solutions enabling the development of smart and connected cities.
SELF-CONSUMPTION AND ENERGY COMMUNITIES
Solar PV solutions for condominiums and municipalities, community-energy schemes, distributed generation assets, and flexibility services — leveraging FIEE’s early-mover experience in Italy and Spain.
GREEN GASES AND ADVANCED DECARBONIZATION TECHNOLOGIES
Biomethane production and distribution, low-carbon fuels, and adjacent enabling technologies that support hard-to-abate sectors.
Explore Our Investments
A diversified portfolio across Energy Transition
FIEE invests in scalable, high-impact companies active in energy efficiency, renewable generation and innovative energy infrastructure.
