Fondo Fon.Te, the pension fund for Italy’s commerce, tourism and services sector workers, has invested a further €160m in private markets, marking an “important strategic driver” for asset management, according to the scheme’s 2024 financial statement.
This year, Fon.Te allocated €30m in venture capital in Italy in sectors supporting technological innovation, medical research, ecological transition and agrifood-tech, it said.
Fon.Te also approved €130m of investments to back alternative investment funds (AIFs) internationally, it added.
The latest round of private market investments confirms the scheme’s commitment to a strategy geared towards supporting tech start-ups.
This latest move comes after the scheme committed €560m to private markets, including 70% of capital to support Italy’s domestic economy.
Assets under management exceeded €6bn this year, a 13% increase on the previous year, driven by contributions of more than €700m, Fon.Te added in the statement.
The scheme’s sub-fund Conservativo, that invests mostly in money market funds and bonds, recorded 4.8% returns in 2024. Its sub-fund Sviluppo, that invests in bonds and equities, delivered 9.3% returns, and the sub-funds Crescita and Dinamico returned 10.6% and 14.1% respectively, Fon.Te added.
Maurizio Grifoni, the president of Fondo Fon.Te, said: “What seems inevitable is a serious reform of the second-pillar (pension) system, which improves tax advantages to make it more accessible to all, in particular to young workers.”
General director Anna Selvaggio added that “2024 was extremely positive for us. Complementary pensions are starting to spread across our sectors. After the [COVID-19] pandemic, companies have better assessed the benefits deriving from joining the supplementary pension scheme.”
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