Fondo Strategico to co-invest with Chinese sovereign wealth fund

Italy's Fondo Strategico Italiano (FSI) has signed a co-investment agreement with CIC International, the Chinese sovereign wealth fund.

The agreement is intended to underpin increased economic cooperation between Italy and China.

Both parties will commit a maximum of €500m.

In 2014, the fund manager announced a partnership with Kuwait Investment Authority, creating a fund, FSI Investimenti, with €2.185bn of commitments and assets.

As part of the partnership, FSI agreed to transfer the majority of its portfolio to FSI Investimenti including its interests in Metroweb Italia, Kedrion, IQ Made in Italy Investment Company and 44.55% of Ansaldo Energia.

The GP's stake in Assicurazioni Generali (earmarked for exit in 2015) and 40% shareholding in Ansaldo Energia were excluded from the transaction.

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