Enpam, Italy’s largest doctors’ pension fund with nearly €30bn in assets under management, is considering increasing its stakes in alternative asset managers Nextalia and Green Arrow Capital.

The pension fund has asked advisory firm LCG and consultancy PwC to explore the potential stake increases, according to a document signed by president Alberto Oliveti.

The move comes a year after Enpam acquired a stake in Green Arrow Capital, which manages €2.2bn across private equity, private credit, real estate, energy and digital infrastructure. The pension fund said the investment was intended to reinforce its role in Green Arrow’s governance.

Green Arrow oversees Enpam’s allocations in real estate and infrastructure, according to the pension fund’s latest financial statement.

Founder and chief executive officer Eugenio Blasio remains the asset manager’s main shareholder, while UBI Banca – now part of Intesa Sanpaolo – acquired a 5% stake in 2020.

The alternative manager has expanded its Italian presence this year with the acquisition of DeA Capital from the De Agostini Group. The deal combined funds across private equity, special situations, non-performing loans, and mandates, creating a group with over €6bn in assets under management.

Enpam is also considering boosting its shareholding in private equity firm Nextalia, having previously committed €50m to the Nextalia Credit Opportunities fund, €95m across Nextalia Private Equity I and Nextalia Capitale Rilancio, and in Nextalia Venture Capital, according to the financial statement.

The pension fund acquired its stake in Nextalia as part of its private equity portfolio in 2023.

Nextalia is majority-owned (75%) by founder and CEO Francesco Canzonieri, a former Mediobanca and Barclays banker. The remaining 25% is held by Intesa Sanpaolo, Unipol Assicurazioni, Aurelia (the Gavio family holding active in infrastructure), Fin.prog Italia, Enpam, H14 (the Berlusconi family office), Istituto Atesino di Sviluppo (Massimo Moratti family office), employers’ group Confindustria, and agribusiness firm Bonifiche Ferraresi.

Enpam is also exploring an investment in BF International, a Bonifiche Ferraresi Group company, according to the LCG mandate document.

Nextalia aims to reach €3.5bn in assets under management over the next 18 months via its Private Equity II fund, CEO Calzorali told newspaper Il Sole 24 Ore.

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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