Fondo Fon.Te, the €5.4bn pension fund for Italy’s commerce, tourism and services sector workers, is changing the strategic asset allocation for this year to invest in tech start-ups.
The new strategy will focus on Alternative Investment Funds (AIFs) for venture capital investment in small companies and start-ups propelling technological innovation, the scheme said in its financial statement for 2023.
The review of the strategic asset allocation in 2024 is the final step of a project started in 2022 to boost investments in private markets.
The scheme invests up to 5% of total assets in the sub-fund Sviluppo in real assets and private markets, according to the statement.
In July, Fon.Te started a tender to pick asset managers of closed-end AIFs to invest €25-30m in venture capital with a focus on Italy, pursuing first-stage venture, expansion and growth capital strategies, it said.
The share of assets for early stage venture capital investments cannot exceed 20%.
The deadline to apply for the tender is 8 August.
Fon.Te. has already approved investments totalling approximately €500m in private markets, including private equity, private debt, and infrastructure funds and venture capital.
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