CDP, Assofondipensione to launch €1bn fund-of-funds

Alessia Argentieri
03 December 2019

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Italian state-owned investor CDP and local pension funds body Assofondipensione have launched a €1bn fund-of-funds to invest in private equity, private debt and infrastructure vehicles.

In addition to a 30-50% commitment from CDP, the vehicle expects to raise at least €500m from six Italian pension funds. The fund-of-funds will be managed by Fondo Italiano d'Investimento (FII).

According to CDP CEO Fabrizio Palermo, the vehicle will support assets with high-growth potential while attracting Italian pension funds to the local economy and maximising their investment opportunities.

Italian pension funds have around €100bn in assets under management and only invest a percentage close to 1.5% in alternative assets, according to Assofondipensione.

This announcement follows shortly the launch of the Iride project, a consortium composed of five Italian pension funds (Foncer, Fondenergia, Fondogommaplastica, Pegaso and Previmoda), established to invest around €216m in the private equity market.

The consortium selected Neuberger Berman as fund manager last September. It will deploy around 30% of the capital raised in Italy with the aim of supporting the growth of unlisted local companies, whose turnover derive largely from investments outside of Italy.