Fondo Pensione Pegaso, Italy’s second-pillar pension scheme for employees of Italian utility companies, and Previambiente, the pension fund for workers in the environmental hygiene sectors, have invested an undisclosed sum iItaly’s fund of funds (FoF) for infrastructure investments.   

So far only Arco, the pension fund for workers employed in the wood, furniture, forestry, brick and concrete sectors, and Concreto, the pension fund for workers in the cement and construction material industries, have invested in the FoF committing a total of €15m. 

The FoF for infrastructure is managed by CDP Real Assets, and is one of the three investment vehicles of the the Real Economy Project (Progetto Economia Reale) launched by pension funds association Assofondipensione in partnership with Cassa Depositi e Prestiti (CDP), the partly state-owned investment bank, and asset manager Fondo Italiano d’Investimento, Italy’s largest pension scheme Enpam, and the pension fund for workers in the agricultural sector Enpaia. 

The FoF aims to fundraise €500m through capital allocated by pension funds, and with CDP Equity, the subsidiary of state-owned bank, committing €300m. 

Giancarlo Scotti, CEO of CDP Real Assets, said: “In a year and a half of operation, the FoF for infrastructure has already invested over 65% of its capital available to support the energy transition and circular economy, confirming the commitment of the CDP Group in favour of the development of sustainable infrastructures to support Italy’s growth.”

Scotti added that the FoF attracted further institutional investors due to the risk-return profile offered.

He said: “These are important goals achieved following the expansion of our asset management operations to the infrastructure sector, according to a strategy [moving] from real estate to real assets.” 

Italy’s FoF for infrastructure has invested €207.5m since its inception in 2023, closing 2024 with two new investments to support the energy transition for a total of €75m, CDP said. 

It has recently invested €40m in the Energy Transition Fund III managed by the Fondo Italiano per l’Efficienza Energetica (FIEE), a private equity fund investing in the energy transition. CDP Real Asset was an anchor investor at the first closing of the fund. 

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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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