Italian Infrastructure Giant F2i Targets €1.5 Billion for New Pan-European Equity Fund

Infrastructure fund F2i expands into European markets with a new €1.5 billion equity fund, leveraging a strong 14.5% historical return to attract global capital.

By: AXL Media

Published: Mar 18, 2026, 9:41 AM EDT

Source: Reuters

Expansion Beyond Italian Borders

F2i, the largest independent infrastructure fund manager in Italy, is pivoting toward a broader regional strategy with the launch of its seventh equity vehicle. This new fund includes a dedicated portion for European investments, signaling a departure from the firm's historically exclusive focus on Italian assets. CEO Renato Ravanelli indicated that the decision to expand was driven by strong demand from international institutional investors who view the European regulatory and political environment as a safe harbor during a period of significant global upheaval.

Capitalizing on a Strong Track Record

The fundraising effort is bolstered by the successful liquidation of F2i’s 2015 equity fund. That vehicle, which originally gathered 1.2 billion euros, delivered an impressive average annual yield of 14.5 percent for its participants. By the time of its liquidation, the fund’s value had ballooned to 2.6 billion euros. This consistent performance provides a powerful case for the new 1.5 billion euro target, as the firm seeks to prove that its mid-sized investment strategy in energy and logistics can scale effectively across the European Union.

Strategic Rationale and Market Context

The strategic rationale behind this expansion is rooted in the current "flight to quality" observed in global capital markets. According to F2i leadership, investors from North America and Asia are recalibrating their portfolios to manage risk by increasing exposure to European infrastructure. F2i specializes in mid-market infrastructure with a long-term horizon of 10 to 12 years, focusing on essential sectors such as logistics and energy transition. This approach aligns with the current market appetite for "real assets" that provide predictable cash flows and protection against inflation.