Italian pension to make maiden PE commitment

The successful manager will be responsible for investing in a number of funds, including funds that are not managed by the firm itself.

Telemaco is interested in investing in 10 funds, with a duration ranging from 10 to 12 years. The €2bn LP is also interested in funds-of-funds to obtain access to the asset class.

The Rome-based pension fund prefers euro-denominated funds, where at least 20% of the investments are in Italy. The target region is Europe, including the UK, as the pension fund is interested in diversifying in different countries. Among the targeted strategies are buyouts and growth capital.

The pension fund is also launching a private debt allocation and seeking a manager for a further €50m portfolio.

Investment consultant Prometeia is assisting with the manager search. The interviews with the pension fund are expected to take place between October-November.

Around five finalists are expected to be short-listed, and the pension fund will make its final decision between November-December 2019.

The RFP can be found here.

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