Italian pension funds’ investments in private markets held steady last year, demonstrating resilience despite turbulence in US credit markets and a challenging private equity environment.
Previmoda, the €2bn pension fund for the fashion and textile sector, adopted a prudent, long-term approach, capitalising on market opportunities.
Investments in private assets made a positive contribution to the overall results, the fund said in a statement. Allocations to private equity and private debt reinforced diversification and supported stable medium-term performance.
Previmoda, Pegaso and Fondo Gomma Plastica have collaborated on private credit through ‘Progetto Zefiro’ (Project Zephyr), private equity via ‘Progetto Iride’ (Project Iris) and European infrastructure through ‘Progetto Vesta’.
The funds also invest globally in private debt and core/core-plus infrastructure strategies.
Fondo Pegaso’s five sub-funds closed 2025 with positive net returns – 7.59% for ‘Crescita’, 5.72% for ‘Dinamico’, 3.85% for ‘Bilanciato’, 2.70% for ‘Conservativo’ and 1.92% for ‘Garantito’. Pegaso targets private market allocations of 12% in ‘Bilanciato’ and 15% in ‘Crescita’.
Fondo Gomma Plastica, the €2.7bn scheme for rubber and plastics workers, also exceeded investment policy targets.
Its ‘Conservativo’ sub-fund, with 95% in debt securities, returned 2.45%; its ‘Bilanciato’ (70% debt/30% equities) returned 4.04%; and ‘Dinamico’ (60% equities/40% debt) returned 7.63%.
The fund channels private market investments through its ‘Bilanciato’ option.
Director Luca Ruggeri described the last three months of 2025 as a “significant transition phase,” with attention shifting to macroeconomic and growth prospects for 2026.
He noted adjustments in response to a US tech correction and diverging central bank policies, including reduced exposure to big tech AI companies and renewed focus on value investing and financials.
According to regulator Covip, equity sub-funds in industry-wide pension funds returned 7.7% on average last year, and 9.6% in open pension funds. Mixed equity-bond sub-funds returned 5.1% in industry-wide funds and 5.5% in open funds, while individual pension plans (PIPs) returned 3.5%. Bond sub-funds averaged 1–2%.
