Enpam, the €30bn pension fund for doctors in Italy, is investing €220m in domestic venture capital (VC) and small and mid-cap equities.
The pension fund’s board has approved a €120m commitment to the Fondo Nazionale Strategico Indiretto (FNSI), the state-backed strategic investment vehicle managed by Cassa Depositi e Prestiti (CDP).
Enpam has selected eight managers, with commitments ranging from €7.5m to €20m each, to invest in listed Italian small and medium-sized companies.
FNSI is a fund of funds investing in companies listed on Euronext Milan and Euronext Growth Milan through funds managed by asset managers and backed by capital raised from institutional investors, including pension funds.
The Italian securities regulator CONSOB and CDP have approved funds managed by Generali, Eurizon, Amundi, Miria, Arca and Anima.
According to daily financial newspaper Il Sole 24 Ore, the funds have completed a first close, raising approximately €500m.
Venture capital to support the real economy
Enpam’s board has also approved a further €100m commitment across 10 VC funds.
According to the pension fund, the VC funds will invest in sectors including healthcare and biopharma to support the Italian real economy.
Enpam is increasing its VC allocation to benefit from tax exemptions available for so-called “qualified investments”.
Italy’s first-pillar pension funds for professionals (casse di previdenza) and second-pillar industry-wide pension funds (fondi negoziali) qualify for tax exemptions if they invest at least 5% of their qualified investments in VC this year, rising to 10% in 2027, according to the Revenue Agency (Agenzia delle Entrate).
To meet the 5% threshold this year, Enpam targeted commitments of approximately €105m to VC funds, according to its 2025 financial statements.
The latest commitments build on €180m allocated to private equity and VC last year, as well as a €50m re-up in the Fund of Funds VenturItaly II managed by CDP Venture Capital, according to the pension fund.
Separately, Enpam has approved €30m of real estate investments, comprising €10m each for student housing, residential property and senior housing.
