Italian pension fund to commit to three PE funds

The defined-contribution pension fund is looking for a global or European private equity fund with a minimum target size of €150m. The scheme is also searching for up to two Italian private equity funds with a minimum target size of €90m.

It is targeting commitments of up to €20m to each fund, although the plan's commitment cannot equate to more than 25% of the total fund size.

Candidates must have a track record of three years' experience in managing alternative investments. The fund must also be denominated in euros and the fundraising phase must not end before November 2018.

Previndai manages €1.95bn on behalf of members in two financial portfolios, and more than €9bn for members in two insurance portfolios.

The search was initiated following the introduction by the fund's board of a 10% strategic asset allocation to illiquid alternative investments from the financial portfolios, with a weighting of 1% to global private equity, equating to a maximum commitment of approximately €20m and the same to Italian private equity. The rest of the alternatives allocation will be split between global infrastructure (1%), Italian infrastructure (4%), and direct lending (3%). 

The deadline for responses is 12.00pm CET on 4 October 2018.

The tender notice can be found here.

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• Topics
• LPs
• Southern Europe
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• Italy