Structured for Fondo Italiano d’investimento the first direct ESG linked loan to funds of funds in Italy
Intesa Sanpaolo's IMI Corporate & Investment Banking Division and Fondo Italiano d'Investimento SGR have signed the first bilateral ESG-linked direct loan transaction for funds of funds in Italy.
Intesa Sanpaolo has made two ESG revolving credit lines available for a combined total of EUR 55M to support the activities of two funds of funds (FOF) managed by Fondo Italiano d'Investimento SGR: EUR 30M for FOF Private Equity Italia and EUR 25M for FOF Private Debt Italia.
The loan will make it possible to concentrate the calling up of funds from quota holders over a three-month period thereby optimising the use of capital for fund investors.
The economic terms and conditions of Intesa Sanpaolo's ESG loan are tied to achieving specific sustainable development indicators that are in line with the ESG criteria already adopted by Fondo Italiano d'Investimento, which adheres to the United Nations Principles for Responsible Investment (UN PRI).
"The focus Intesa Sanpaolo places on the environment, social issues and good governance is one of its strengths, so much so that it is included in the main international sustainability indices. It is thanks to this background and the experience we have gained in the area of sustainable financing that Fondo Italiano d'Investimento has chosen us to finalise the first direct ESG loan for two funds of funds in Italy" - says Andrea Mayr, Head of the Financial Institutions Department of Intesa Sanpaolo's IMI Corporate & Investment Banking Division.
