What Invimit does

INVIMIT Sgr S.p.A. (Investimenti Immobiliari Italiani) is an Italian asset management company (SGR) wholly owned by the Italian Ministry of Economy and Finance (MEF), established in March 2013 and authorized by the Bank of Italy in October 2013. The company manages closed-end real estate investment funds, both direct funds and a Fund of Funds (i3 Core), on behalf of public-sector institutional clients including INAIL, INPS, the MEF, Poste Vita, Regione Lazio, and other territorial entities. Aggregate AUM exceeds €2.4 billion across twelve-plus named funds, covering office, residential, tourism, university, senior housing, and former military/defense assets, with fund durations of 15-30 years.

The company's core products are its fund vehicles (i3-INAIL, i3-INPS, i3 Regione Lazio, i3 Patrimonio Italia, i3 University, i3-Dante Convivio, i3-Valore Italia, i3-Silver, i3-Sviluppo Italia with multiple compartments, and MEFIN), supplemented by the Vetrina Immobili online property listing portal, the REgenera national public heritage regeneration program, and ESG integration services. The technology stack is minimal: there is no proprietary software platform, and operations are supported by standard institutional infrastructure including an ANAC-aligned e-procurement portal (gare.invimit.it), a virtual data room for fund investor reporting, and the Rete Aste Notarili electronic auction platform for property disposals.

INVIMIT's revenue model is fee-based, earning asset management fees on AUM from its institutional and government clients, with additional performance fees on property disposal events. The GTM is entirely relationship-driven at the institutional level, with the Vetrina Immobili portal serving as the consumer-facing channel for end-buyer transactions at the portfolio disposal layer. As a state-owned fiduciary, INVIMIT's mandate is to valorize public real estate for debt reduction and urban regeneration, with no external shareholders, no private capital, and no exit pathway.

Name

Invimit

Legal name

INVIMIT Sgr S.p.A.

Website

https://invimit.it

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

INVIMIT Sgr S.p.A. is an Italian state-owned asset management company (SGR), wholly owned by the Ministry of Economy and Finance, that manages closed-end real estate investment funds exceeding €2.4 billion in aggregate AUM on behalf of public-sector institutional clients including INAIL, INPS, and Poste Vita to valorize and divest public real estate assets.

Ownership category

akta.pro rank

Product category

Real Estate Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Sovereign Wealth Funds (SWFs) (FSAAAGAD)

Keywords

• Real estate asset management
• Closed-end investment funds
• Public real estate valorization
• Fund of funds
• Property divestment services

Headquarters

HQ city

Rome

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: INVIMIT earns fees for managing closed-end real estate investment funds, including both direct funds and funds of funds. Fees are charged on assets under management. The company manages funds on behalf of institutional investors such as INAIL, INPS, and regional government bodies.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

INVIMIT Sgr S.p.A. is a state-owned Italian asset management company (SGR) wholly owned by the Ministry of Economy and Finance that manages closed-end real estate investment funds, both Direct Funds and a Fund of Funds (i3 Core), on behalf of public entities and qualified institutional investors. The company acquires, manages, valorizes, and divests Italian public real estate through competitive tenders, electronic notary auctions, and the Vetrina Immobili property marketplace, with the dual objectives of reducing public debt and regenerating public heritage.

Product overview

Invimit Sgr S.p.A. operates as a closed-end real estate fund management company wholly owned by the Italian Ministry of Economy and Finance. The company offers a platform of fund products comprising Direct Funds (12 named real estate investment funds including i3-INAIL, i3-INPS, i3 University, i3 Patrimonio Italia, i3-Dante Convivio, i3-Valore Italia, i3-Silver, i3-Sviluppo Italia with 6 compartments, and MEFIN) and the i3 Core Fund of Funds. These are complemented by the Vetrina Immobili online property showcase portal, the REgenera national public heritage regeneration initiative, and ESG integration services. The fund products serve institutional investors and public entities, focusing on valorization, divestment, and regeneration of public real estate assets across Italy.

Differentiator

Problem solved

Functional benefit

Products and services

• i3 Core Fund of Funds Wholesale closed-end real estate investment fund with sub-funds, wholly owned by INAIL, investing in real estate funds managed by INVIMIT and by third-party managers to contribute to public debt reduction.
• i3-INAIL Real Estate Fund Closed-end contribution fund of mixed-use properties owned by INAIL and the state, focused on management, valorization, and partial divestment of the contributed real estate portfolio.
• i3-INPS Real Estate Fund Closed-end contribution fund participated by INPS and the state, managing 76 assets with predominantly office and residential use for valorization and partial divestment.
• i3 Regione Lazio Subfunds Multi-compartment fund with Regione Subfund (15-year duration) for real estate divestment and Ater Subfund (20-year duration) for commercial property valorization in Rome.
• i3 University Fund Closed-end reserved fund investing in university buildings and public research institutes from universities and public bodies, optimizing profitability through maintenance and conversion.
• i3 Patrimonio Italia Fund Closed-end real estate investment trust acquiring office buildings from local governments, enhancing value through leasing, relocation, and fractional disposal strategies.
• i3-Dante Comparto Convivio Fund Multicompartment closed-end reserved fund wholly owned by Poste Vita, managing 22 predominantly residential assets for valorization and divestment.
• i3-Valore Italia Real Estate Fund Closed-end contribution fund investing in real estate owned by Territorial Entities for social functions through redevelopment, managing a historic hospital complex in Bologna.
• i3-Silver Real Estate Fund Closed-end contribution fund investing in income or disposable real estate for redevelopment into Senior Housing (residential social welfare housing).
• i3-Sviluppo Italia Fund (Comparto 8ter, 8quater, Invitalia, Regione Piemonte, Napoli, PAT) Multi-compartment closed-end real estate mutual fund reserved for qualified investors, investing in state and territorial entity properties no longer used for institutional purposes, including former Ministry of Defense barracks and tourism assets.
• MEFIN Real Estate Fund Closed-end real estate alternative investment trust managing primarily office properties in Rome leased to public administration, with residential units following redevelopment.
• Vetrina Immobili (Property Showcase) Online portal for browsing and searching public real estate properties available for sale or rent, featuring advanced filtering by procedure type, status, location, intended use, and price range.

Quantifiable outcome

• i3 Core Fund of Funds: €632.2M AUM as of 12/31/2023, contributing to public debt reduction
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Banca d'Italia (Bank of Italy)coreOthers · 8 October 2013INVIMIT is authorized and registered under No. 305 of the SGR (Società di Gestione del Risparmio) register by the Bank of Italy. This regulatory authorization dated 8 October 2013 is the fundamental regulatory foundation enabling the company to operate as an asset management company.
• Rete Aste Notarili (RAN)minorStrategic or Co-development PartnerINVIMIT uses the Rete Aste Notarili (RAN) electronic auction platform, managed by the Consiglio Nazionale del Notariato, for properties designated for auction sales. This ensures transparent and legally secure electronic adjudication procedures.

Scale indicators17 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Cassa Depositi e Prestiti (CDP): Italian state-owned financial institution that manages public assets including real estate through subsidiaries. The most directly comparable entity to INVIMIT as another state-owned Italian asset manager operating under policy-aligned mandates with similar regulatory oversight, though CDP operates more broadly across credit and infrastructure.
• Patrizia SE: Listed European real estate investment manager headquartered in Augsburg, Germany, with pan-European operations and a focus on closed-end real estate funds for institutional investors. Directly comparable to INVIMIT as a closed-end RE fund manager serving institutional capital, though employee-owned rather than state-owned.
• Deka Immobilien: German real estate fund management subsidiary of DekaBank, managing both closed-end and open-end real estate funds for institutional investors. Comparable to INVIMIT for institutional client base and closed-end fund structures, though part of a private banking group rather than state-owned.
• Prelios SGR: Italian real estate asset management and servicing firm (now under Partners Group ownership). Directly comparable to INVIMIT as another Italian SGR managing real estate funds, with overlapping institutional clients and operating under the same Bank of Italy SGR regulatory framework.
• Generali Real Estate SGR: Real estate asset management arm of Italian insurer Generali, managing Italian and European real estate portfolios through closed-end funds. Comparable to INVIMIT as another major Italian SGR with closed-end fund products serving institutional investors, though owned by a private insurance group rather than the state.

Broad incumbents

• CBRE Investment Management: Global real estate investment management division of CBRE Group managing diversified real estate portfolios for institutional clients. Comparable to INVIMIT as an institutional RE asset manager, though global in scope with much broader capabilities and a private-equity-style ownership structure.
• AXA IM Alts: European alternative asset manager (formerly AXA Real Estate), part of AXA Investment Managers. Comparable to INVIMIT as a major European institutional real estate asset manager with long-duration fund structures, though embedded in a global insurance-led asset manager with broader alternatives coverage.
• Savills Investment Management: Global real estate investment management business of Savills plc, managing institutional real estate mandates and funds across geographies. Comparable to INVIMIT for institutional asset management in real estate, though a global, broadly diversified investment platform rather than a state-aligned national vehicle.
• Cromwell Property Group: Australian-listed real estate investment manager with European operations across multiple geographies and asset types. Comparable to INVIMIT for real estate fund management and institutional client focus, though diversified by asset class rather than focused exclusively on public real estate valorization.

Emerging players

• Infranity: European infrastructure and real asset investment manager focused on long-duration real assets and energy transition. Comparable to INVIMIT for long-duration institutional fund structures and ESG-aligned real-asset mandates, though focused on infrastructure and renewables rather than public real estate valorization.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/invimit
• LinkedInlinkedin.com/company/invimit-sgr-spa

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Invimit