Previmoda, Italy’s pension fund for employees in the fashion and textile sector, has improved returns year-on-year in 2024 on the back of a positive performance by its investments in tech stocks and private markets.
Returns for Previmoda were driven above all by growth in the technology sector supported by the rapid development and use of artificial intelligence (AI), the scheme has said.
Investors flocked to deploy capital in AI which in turn had a positive impact on other sectors, with global equity indices reaching new records, despite the difficulties linked to geopolitical tensions and economic uncertainties, it added.
Emerging markets also offered good investment opportunities, and private markets investments also contributed positively to the fund’s returns last year, the scheme said.
The pension fund is investing in private equity, private debt and infrastructure in partnership with other schemes including Foncer, Fondenergia, Fondo Gomma Plastica, Pegaso, and Fopen.
The pension fund group has committed €216m to private equity investments in Italy and in Europe through Progetto Iride (Project Iris), and €215m to private debt investments through the Zefiro Project.
StepStone invests the assets on behalf of the pension funds in private debt, and Neuberger Berman in private equity.
The schemes committed a combined €168m to infrastructure investments through the Vesta Project, assigning Eurizon Capital Real the mandate to invest the assets.
Previmoda has signed commitments in three consortia for investments in private markets for a total of €144m, equal to about 9% of the scheme’s total assets, through the ‘Smeraldo Bilanciato’ sub-fund, which returned 6.05% last year, just above the 6.02% in 2023.
The scheme’s ‘Rubino Azionario’ sub-fund, which also invests in the fund of funds Private Equity Italia launched by Assofondipensione and Cassa Depositi e Prestiti, the partly state-owned investment bank, returned 8.84% last year, up from 8.2% in 2023.
Previmoda’s ‘Garantito’ sub-fund, investing 95% in bonds and 5% in equities, returned 4.13% in 2024, down from 4.27% in 2023.
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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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