Amundi, Generali, Allianz among managers to join Italy’s national strategic fund

Amundi, Allianz Global Investors and Generali Investments are among a group of asset managers that have signed non-disclosure agreements (NDAs) with Italy’s Ministry of Economy and Finance (MEF) to participate in the Fondo Nazionale Strategico Indiretto (FNSI), a fund-of-funds structure managed by state-owned investment bank Cassa Depositi e Prestiti (CDP), according to Italian daily Milano Finanza.

Additional managers reported to have signed NDAs to gain access to the FNSI include Azimut, Algebris, and AComeA, alongside banks such as Intesa Sanpaolo, Banca Mediolanum and Mediobanca.

Around 20 Italian financial institutions have so far signed confidentiality agreements with MEF to join the initiative, which aims to raise €700m in its initial phase to invest in small and medium-sized enterprises (SMEs) and help revitalise Italy’s domestic IPO market.

Participating managers are required to allocate at least 70% of assets to listed equities issued by SMEs domiciled in Italy, excluding those operating in the banking, insurance and broader financial sectors, according to CDP.

The FNSI is ultimately targeting between €1bn and €1.5bn in commitments, after which CDP will consider bringing in international and institutional investors, said Mauro Baragiola, who oversees the fund at CDP.

Asset managers involved in the fund are looking to domestic pension schemes as a key source of capital. Amundi chief investment officer Francesco Sandrini said the group intends to mobilise assets from its open pension fund and affiliated insurance companies.

Meanwhile, Alberto Oliveti, president of Italy’s largest first-pillar pension fund Enpam, confirmed that the scheme is “looking with interest” at the FNSI as a means of supporting the national economy.

Boards of second-pillar schemes Arco and Prevedi – which already have exposure to private markets through CDP-led vehicles – are yet to decide whether to participate in the FNSI, IPE understands.

The FNSI will face competition from a separate initiative launched by a consortium of Italian pension funds – Fondo Gomma Plastica, Foncer, Fondo Pegaso and Previmoda – which is preparing to invest in the domestic SME segment through public equity strategies. The group is in the final stages of selecting an asset manager, according to sources.

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