Fondo Pensione Nazionale BCC CRA, the €3bn scheme for Italy’s cooperative bank employees, is transferring €2.16bn in equity and bond assets to a Luxembourg-domiciled investment firm as part of a major restructuring of its investment framework.
The vehicle – SICAV FPNBCC SICV LUX, wholly owned by the pension fund – will channel €1.9bn into four sub-funds covering government and corporate bonds and equities. The remainder will be invested via Undertakings for Collective Investment in Transferable Securities (UCITS), according to the fund’s investment policy updated in November.
The move follows an earlier indication that €1.6bn of mandates would be handed to external managers.
The current plan focuses allocations in liquid asset classes predominantly in Europe, with a tilt towards euro-denominated government bonds, investment-grade corporate credit and European equities.
The overhaul coincides with the rollout of BCC CRA’s 2025–27 strategic asset allocation for its three sub-funds – ‘Raccolta’, ‘Crescita’ and ‘Semina’.
Under the new strategy, exposure to real assets, primarily infrastructure and real estate, will fall from 13% to 9%.
Despite the reduction, the fund intends to commit €350m to private equity across the three sub-funds, both in Italy and internationally. It expects to back new vintages of existing relationships, assuming performance remains on track.
For private equity, BCC CRA has opted for a ‘programme investing’ approach, which it says shortens selection and deployment times and reduces counterparty risk – a key factor for the pension fund when investing in private markets.
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