The Italian doctors’ scheme ENPAM – Italy’s largest private pension fund with total assets over €25bn – plans to invest a further €520m in private markets via an undertaking for collective investment in transferable securities (UCITS), progressing with its investments programme for 2024.

The scheme will invest €375m in closed-end private equity funds pursuing buyout/growth strategies, the scheme said in a note. It will hand out the mandate to asset managers with at least €300m in assets under management, and with a fundraising target for its private equity fund of at least €150m, it added.

ENPAM will also invest €45m in a closed-end fund for venture capital investments pursuing fund of funds investments, it stated. In this case, the asset managers awarded with the mandate should have at least €200m AUM, with a fundraising target of at least €100m for the fund.

In the latest round of investments, ENPAM plans to also allocate €100m into an Alternative Investment Fund for private debt investments. Asset managers applying for the mandate would have at least €300m AUM, with a fundraising target of at least €150m.

ENPAM plans to make the largest allocation (70%) of the next round of investments to private equity, private debt and venture capital in Italy, it said. Assets managers interested in the tender should send applications to Enpam within the next 30 days, the scheme said.

ENPAM is progressing with its plan to increase investments in private markets and alternatives. It is expected to also allocate €300m to infrastructure funds, but with a focus on Europe.

The latest announcement on private market investments comes as the Italian parliamentary committee is questioning Italian schemes on the possibility of boosting investments in Italy to support the economy.

Over 50% of total assets of Casse di Previdenza, which also includes ENPAM, are invested in Italy, and close to 75% is invested in the European Economic Area, Alberto Oliveti, the president of the association of private pension funds (Adepp), and president of Enpam, told the committee.

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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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