Fondo Italiano d'Investimento

What Fondo Italiano d'Investimento does

Fondo Italiano d'Investimento SGR S.p.A. is an Italian alternative asset management company (Società di Gestione del Risparmio) founded in 2010 at the initiative of the Italian Ministry of Economy and Finance, controlled since inception by CDP Equity (55%) with a coalition shareholder base that includes Intesa Sanpaolo, UniCredit, Banco BPM, BPER Banca, ABI, ENPAM and ENPAIA. The firm manages €4.3 billion in assets under management (targeting €4.9bn by 2030) across 21 closed-end mutual funds reserved for qualified investors, organised into seven active strategies: buy-out, growth capital, funds of funds, co-investments, private debt, secondaries, and impact investing. Direct investment is concentrated in flagship vehicles including FICC II (>€500m) for SME consolidation, FIAF for agri-food, FITEC II for technology, FIPEC (€114m committed, co-investments), FIS (>€215m, secondaries) and FOF Impact Investing (~€84m).

The business model is fee-based asset management: recurring management fees on closed-end fund AUM (target >€39m by 2030) plus performance fees/carried interest on exits (target pre-tax profit >€5m, ~13% margin). Capital is raised from qualified Italian and international institutional investors (CDP Equity, Italian banks, foundations, family offices; international LPs for FIS) and deployed via senior-partner-led direct deals with Italian SMEs across strategic value chains (aerospace, agri-food, IT services, certification, specialty glass) and through fund-of-funds distribution via 30+ underlying Italian GPs (Xenon, Clessidra, Argos, 21 Invest, Tikehau, Armònia, etc.). GTM is enterprise field sales with co-investment club deals alongside PAI Partners, Stellex, The Equity Club, and LGT Capital Partners.

In late 2025, following a Banca d'Italia regulatory inspection that identified governance weaknesses, the firm appointed a new CEO (Domenico Lombardi), reconfirmed Chairwoman Barbara Poggiali, eliminated the CIO role, and approved a 2026-2030 Strategic Plan repositioning FII as a tool of government industrial policy with eight new funds (including a >€1bn 'Filiere Strategiche' for strategic value chains and 'Flexible Capital' for direct lending). The firm has a headquarters and only office in Milan, employs 101-250 people, and is enrolled in the Register of AIF Managers under no. 129 since 2014 with equity capital 3.2x the minimum Banca d'Italia requirement.

Name

Fondo Italiano d'Investimento

Legal name

Fondo Italiano d'Investimento SGR S.p.A.

Website

https://fondoitaliano.it

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Fondo Italiano d'Investimento SGR is a Milan-based Italian alternative asset manager (founded 2010, controlled by CDP Equity) operating an integrated seven-strategy private capital platform across 21 closed-end funds and €4.3bn AUM, channeling capital to Italian SMEs and strategic value chains through direct investments, co-investments, and funds of funds.

Ownership category

akta.pro rank

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Management fees on closed-end mutual funds: Recurring management fees charged on assets under management across 21 closed-end mutual funds (FOF PEI, FOF PEI TRE, FOF PEI Tre B, FOF PDI, FOF Impact, FICC I, FICC II, FIAF, FITEC I, FITEC II, FIPEC, Fondo Basket Eque, FIS). Target: management fees above €39 million by 2030 per the 2026-2030 Strategic Plan. Capital base of €4.3 billion in 2026, targeted to reach €4.9 billion by 2030 through launch of 8 new funds (5 direct, 3 indirect).
2. Performance fees / carried interest on fund realizations: Performance-related economics on successful exits from portfolio investments. The 2026-2030 Strategic Plan targets pre-tax profit above €5 million by 2030, corresponding to a pre-tax margin of approximately 13% on management fees. Track record includes successful exits from Mecaer Aviation (FICC, 2021 entry → 2026 exit), Isoclima, and Rina among others.
3. Asset management services for institutional limited partners: Long-term asset management mandate revenues for Italian and international qualified investors (CDP Equity, Italian banks including Intesa Sanpaolo, UniCredit, ABI, Banco BPM, BPER Banca, foundations ENPAM/ENPAIA, and international investors for FIS).

Go-to-market motion3 records

Distribution channels5 records

Marketing channels9 records

Core offering

Fondo Italiano d'Investimento SGR S.p.A. is an Italian alternative investment fund manager (SGR) that manages 21+ closed-end mutual funds across 7 investment strategies (Buy-out, Growth Capital, Fund of Funds, Co-investments, Private Debt, Secondaries, Impact Investing). It channels capital to Italian SMEs and strategic industrial value chains, with €4.3 billion in AUM and 100% of capital raised since 2022 placed in SFDR Article 8 or 9 funds. The firm runs both direct investment vehicles (FICC II, FIAF, FITEC II, FIPEC) and indirect fund-of-funds vehicles (FOF PEI, FOF PDI, FOF Impact), supplemented by international co-investment partnerships.

Product overview

Fondo Italiano d'Investimento SGR S.p.A. operates as an integrated private capital platform — not a single product but a seven-strategy architecture combining direct investments, fund-of-funds vehicles, and sector-specific funds aimed at channelling capital to Italian SMEs and strategic industrial value chains. The platform's core strategies span Buy-out, Growth Capital, Fondi di Fondi (Fund of Funds), Co-investimenti (executed primarily via FIPEC), Private Debt, Secondario (FIS), and Impact Investing (FOF Impact), managed under 21+ closed-end mutual funds with over €4.3 billion in assets under management. Direct investment is concentrated in flagship vehicles such as FICC II (Fondo Italiano Consolidamento e Crescita II, >€500M), FIAF (Italian Agri&Food Fund), and FITEC II (Tecnologia e Crescita II, >€160M), which house operational assets like Rina, NPO Torino, Isoclima, Mecaer Aviation Group, Vetraco, Santangelo Group, and Alimenta Produzioni. The 2026–2030 Strategic Plan extends the platform with new sector and direct-lending vehicles — Filiere Strategiche (>€1B target) and Flexible Capital — alongside next-generation indirect funds (FOF PEI III, FOF PDI III, FOF Impact II), all delivered with integrated ESG/SFDR compliance and a centralized governance, risk, and reporting infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Buy-out: Buy-out strategy under private equity
• Growth Capital
• Fondi di Fondi
• Co-investimenti
• Private Debt
• Secondario
• Impact Investing

Products and services

• Buy-out Strategy Private equity strategy acquiring controlling stakes in Italian SMEs to support their growth, consolidation, and international expansion, executed through the FICC II flagship fund (>€500M AUM).
• Growth Capital Strategy Private equity strategy providing capital to Italian SMEs to accelerate expansion without changing control, supporting scale-up and international development, executed through dedicated funds including FITEC II.
• Fondi di Fondi (Fund of Funds) Indirect investment strategy deploying capital through FOF PEI, FOF PEI Tre, FOF PEI Tre B, FOF PDI, FOF PDI Tre, and FOF Impact into 30+ underlying Italian GPs (Xenon, Clessidra, Argos Wityu, 21 Invest, Tikehau, etc.) to provide broad exposure to Italian private capital markets.
• Co-investimenti (Co-investments) Co-investment strategy executed primarily through FIPEC (€114M committed capital) alongside lead investors in Italian companies, completing 7 deals (BV Tech, Spindox, Else Solutions, Errevi System, The Nice Kitchen, Eurosirel, CRM/Casa della Piada) with ~40% deployed in just over 18 months.
• Private Debt Strategy Private debt strategy providing financing solutions to Italian SMEs through direct lending funds and fund-of-funds vehicles (FOF PDI, FOF PDI Tre), with a planned expansion into quasi-equity instruments via the 'Flexible Capital' fund announced in the 2026-2030 Strategic Plan.
• Secondario (Secondaries) Secondaries strategy executed through Fondo Italiano Secondario (FIS), the first Italian-dedicated secondary private capital vehicle of its size, having raised over €215 million from international investors to acquire portfolios of Italian-focused fund investments.
• Impact Investing Strategy ESG-driven investment strategy executed primarily through FOF Impact Investing (~€84M AUM, 6 underlying funds), investing in renewable energy, energy efficiency, sustainable agriculture, circular economy, and social innovation; FOF Impact II is planned under the 2026-2030 Strategic Plan.
• FICC II — Fondo Italiano Consolidamento e Crescita II Flagship direct investment fund with over €500M AUM, focused on supporting consolidation in fragmented high-potential Italian industry sectors. Portfolio includes Rina (TIC & consulting engineering), NPO Torino (IT system integrator), Isoclima (transparent glass solutions), and Mecaer Aviation Group (flight-critical systems).
• FIAF — Fondo Italiano Agri&Food (Italian Agri&Food Fund) Sector-focused investment vehicle supporting excellence across the Italian agri-food value chain. Portfolio includes Corradi and Ghisolfi, Pasta Berruto, Trinità Industria Salumi, Scatolificio del Garda, Santangelo Group, and Alimenta Produzioni; FIAF has executed five deals in under two years.
• FITEC II — Fondo Italiano Tecnologia e Crescita II Technology-focused fund with assets exceeding €160M, supporting growth of high-potential Italian technology companies. Portfolio includes Skynet Technology (Retail Technology), Intrauma (Medtech), and Vetraco S.p.A. (cosmetics automation with AI-powered quality-control).
• FIPEC — Fondo Italiano Private Equity Co-investments Co-investment vehicle with €114M total committed capital, launched in early 2024 with CDP as cornerstone investor and fund sponsor. As of October 2025, completed 7 transactions deploying ~40% of capital, with an 8th healthcare deal bringing deployment to ~50%.
• FIS — Fondo Italiano Secondario First Italian-dedicated secondary private capital vehicle of its size, having raised over €215M from international investors to acquire portfolios of Italian-focused fund investments.
• FOF Impact Investing First Italian fund of funds dedicated to impact investing, reaching approximately €84M total size by end of 2024 with approximately 85% deployed across 6 underlying funds; CDP subscribed €50M. Mobilised over €702.8 million across underlying funds.
• Filiere Strategiche (Strategic Value Chains Fund) New direct investment fund announced in the 2026-2030 Strategic Plan, targeting more than €1 billion in commitments. Targets high-potential vertical sectors such as energy and energy transition, space and aerospace, advanced critical materials and rare earths, and naval engineering, with the goal of fostering industrial champions, reducing value-chain fragmentation, and enhancing economic resilience.
• Flexible Capital New direct lending fund announced in the 2026-2030 Strategic Plan, designed to provide SMEs with flexible financing solutions including quasi-equity instruments, complementing the existing Group investment toolkit.

Quantifiable outcome

• €4.3 billion in assets under management (target €4.9bn by 2030)
• +7 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, flagship and core.

• Molino CasillominorStrategic or Co-development Partner · 9 January 2026Historic Apulian producer of premium flours and semolina. Partnership with portfolio company Alimenta Produzioni to develop innovative product lines based on Altograno flour (high protein/fibre content) for which Alimenta holds exclusive licensing rights in its product categories.
• The Equity ClubflagshipStrategic or Co-development Partner · 29 December 2025Joint acquisition with FII of 100% of Isoclima S.p.A. from Stirling Square Capital Partners. The transaction was executed through FICC II together with TEC Glass S.p.A., the club-deal vehicle sponsored by The Equity Club 2.0 (co-CEOs Roberto Ferraresi and Filippo Penatti). The Equity Club represents Ultra-High-Net-Worth clients brought together by Mediobanca Private Banking; previous deals include Club del Sole, Rainbow and Forgital.
• salone.SRI / Borsa Italiana / ET.GroupcoreGTM or Marketing Partner · 18 November 2025Event partner for unveiling of ESG.IAMA Private aggregated assessment results on 18-19 November 2025 at Borsa Italiana in Milan. salone.SRI is the leading Italian sustainable and responsible investment event.
• ESG.IAMA Private (ET.Group)coreStrategic or Co-development Partner · 8 September 2025Strategic partnership launched on 8 September 2025 to evaluate ESG scores for asset managers participating in the ESG Identity Asset Manager Assessment. ESG.IAMA Private is the first assessment framework focused on evaluating the sustainability of asset managers in illiquid assets, based on 73 questions, 19 sub-sections and 240 KPIs. Aggregated results presented at salone.SRI at Borsa Italiana on 18-19 November 2025.
• Human FoundationflagshipStrategic or Co-development Partner · 26 May 2025Independent Italian think tank specialized in social innovation. Joint research partnership presented on 26 May 2025: 'Research and Analysis on the Impact Investing Market', a study showing the European Impact Investing market tripled to €230bn between 2021 and 2023 and the Italian market grew from €5.8bn to €9.3bn between 2020 and 2022.
• LIUC Business School (Università Cattaneo)flagshipStrategic or Co-development Partner · 18 April 2025Joint academic partnership launched on 18 April 2025 with Terzi & Partners to create the Observatory on the Private Capital Secondary Market. LIUC leads the initiative with methodological/operational support from Terzi & Partners; FII appoints a permanent member to the Scientific Committee (Senior Partner Luigi Tommasini) and plays an active role in content and research prioritization. The Observatory produces an annual report on Italian and international private capital secondary market trends.
• Terzi & PartnersflagshipStrategic or Co-development Partner · 18 April 2025Co-partner with LIUC Business School and FII in the Observatory on the Private Capital Secondary Market. Provides methodological/operational support and co-chairs the Scientific Committee. Active in the secondary market for over 10 years with over €500 million raised from Italian investors in the past 3 years.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Ambienta SGR: Italy/Europe's largest pure-play sustainability-focused PE manager. Comparable as an Italian-headquartered PE platform with strong ESG positioning and SFDR Article 9 fund structures, competing for sustainability-driven Italian mid-market deals and impact mandates.
• Clessidra Capital Partners: Italian mid-market PE manager operating flagship buy-out and private debt funds (also an underlying manager in FII's FoF). Directly comparable in targeting Italian mid-market control transactions, with FII's FoF and Clessidra often co-investing in the same companies.
• F2i SGR: Italy's largest infrastructure and private equity fund manager, sponsored by Italian banking foundations and CDP. Closely comparable as an Italian multi-strategy alternative asset manager backed by public-private capital, deploying into domestic infrastructure and mid-market opportunities.
• CDP Venture Capital: Italian state-backed venture capital operator controlled by CDP, investing in Italian startups and growth-stage companies. Directly comparable as a government-linked capital provider channelling capital to Italian SMEs, with overlapping LPs (CDP) and similar industrial-policy mandate.
• Quadrivio Capital: Italian alternative asset manager operating multiple PE and private debt strategies across mid-market Italian companies. Comparable in offering Italian SMEs buy-out, growth capital and private debt solutions with a multi-fund structure similar to FII's 7-strategy platform.
• Wise Equity: Italian PE firm managing mid-market buy-out funds focused on Italian SMEs. Comparable in target deal profile, and also operates as an underlying manager within FII's funds-of-funds (e.g., co-investing in CRM/Casa della Piada via FIPEC).
• Xenon Private Equity: Italian PE manager operating buy-out and small-cap funds for Italian SMEs. Closely comparable as an underlying GP within FII's FoF vehicles, operating in the same Italian mid-market ecosystem with overlapping portfolio companies.

Broad incumbents

• Ardian: Global private investment house with significant European PE, private debt and secondary fund-of-funds operations. Comparable as a broad incumbent offering multi-strategy alternative assets including secondaries and FoF, competing for international LP capital and large Italian co-investments.
• Eurazeo: Major European PE and private investment platform with multiple strategies and significant Italian mid-market exposure. Comparable as a broad incumbent offering diversified alternative investment strategies across Europe, including Italy-focused PE.
• Azimut Alternative Capital Partners: Italy's largest independent asset manager with growing PE/VC/private debt offering through alternative capital partners. Comparable as a domestic incumbent with multi-strategy alternative investment capabilities competing for Italian retail and institutional capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fondo-italiano-d'investimento-sgr/posts/?feedView=all

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments36 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fondo Italiano d'Investimento