Fondo Strategico Italiano
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Cassa Depositi e Prestiti Equity S.p.A. (formerly Fondo Strategico Italiano S.p.A.; FSI S.p.A.) also known as CDP Equity S.p.A., is a majority
state-owned State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed to ...
Italian Italian(s) may refer to: * Anything of, from, or related to the people of Italy over the centuries ** Italians, a Romance ethnic group related to or simply a citizen of the Italian Republic or Italian Kingdom ** Italian language, a Romance languag ...
sovereign wealth fund A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...
established in 2011. Its purpose is to invest in strategic Italian companies to help them to compete globally.


History

The fund was established in 2011 as ''Fondo Strategico Italiano''. Its mandate was to invest in strategic Italian companies to help them to compete globally. The fund's activity is restricted to healthy and profitable Italian businesses, with solid growth prospects, in need of capital injection to enlarge their business and be competitive on a global scale. The initial capital of the fund totalled €1 billion, with 90% of this sum contributed by CDP and 10% from
Fintecna Fintecna, is an Italian state-owned financial management company which specialises in the valorisation and divestment by privatization Privatization (rendered privatisation in British English) can mean several different things, most co ...
. The CDP is ready to inject a total amount of €4 billion. The fund was set up by the state-controlled lender
Cassa Depositi e Prestiti Cassa Depositi e Prestiti S.p.A., also known as CDP S.p.A., is a prominent Italian development bank founded on November 20, 1850, in Turin. Its original duty was to finance public works like roads and waterworks during the reign of Victor Emman ...
(CDP) on the directive of Economy Minister
Giulio Tremonti Giulio Tremonti (; born 18 August 1947) is an Italian politician. He served in the government of Italy as Minister of Economy and Finance under Prime Minister Silvio Berlusconi from 1994 to 1995, from 2001 to 2004, from 2005 to 2006, and from 200 ...
, emulating a similar fund in
France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...
, allegedly after French dairy company Groupe Lactalis SA made a successful takeover bid for
Parmalat Parmalat S.p.A. is an Italian dairy and food corporation which is a subsidiary of French multinational company Lactalis. It was founded by Calisto Tanzi in 1961. Having become the leading global company in the production of long-life milk us ...
. The fund become a member of the
International Forum of Sovereign Wealth Funds The International Forum of Sovereign Wealth Funds (IFSWF) is a nonprofit international group of sovereign wealth funds managers which was established in 2009. It is based in London, England. History In 2009, a group of 23 leading state-owned in ...
and signed up to the
Santiago Principles The Santiago Principles or formally the Sovereign Wealth Funds: Generally Accepted Principles and Practices (GAPP) are designed as a common global set of 24 voluntary guidelines that assign best practices for the operations of Sovereign Wealth Fund ...
on best precise on managing Sovereign Wealth Funds. In September 2011, Maurizio Tamagnini, formerly a top
investment banker Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by unde ...
at
Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...
, was hired as the CEO of the fund. The position of chairman is filled by
Giovanni Gorno Tempini Giovanni may refer to: * Giovanni (name), an Italian male given name and surname * Giovanni (meteorology), a Web interface for users to analyze NASA's gridded data * ''Don Giovanni'', a 1787 opera by Wolfgang Amadeus Mozart, based on the legend of ...
, who was also the CEO of CDP, and is now its chairman of the board. On 31 March 2016, Fondo Strategico Italiano was renamed into CDP Equity. On 5 August 2016,
Bank of Italy The Bank of Italy (Italian language, Italian: ''Banca d'Italia'', , informally referred to as ''Bankitalia'') is the National central bank (Eurosystem), national central bank for Italy within the Eurosystem. It was the Italian central bank from ...
withdrew its 20% stake from CDP Equity. Atlantia’s 88% share in motorway company
Autostrade per l'Italia Autostrade per l'Italia S.p.A. (formerly Autostrade S.p.A.) is an Italian joint-stock company specializing in the management of motorway sections under concession and related maintenance activities. Originally established as a state-owned enter ...
was bought in 2021 by a consortium of CDP Equity, Blackstone and
Macquarie Group Macquarie Group Limited (), more commonly known as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the ASX (). Macquarie's investment banking division is Au ...
. CDP Equity holds 51% of the consortiums shares, while each other member holds 24,5%. CDP Equity, together with other CDP Group subsidiaries signed a memorandum of understanding (MoU) with
Khazanah Nasional Khazanah Nasional Berhad (; Trade name, traded as Khazanah Nasional or simply Khazanah) is the sovereign wealth fund of the Government of Malaysia. One of the largest sovereign wealth funds in the world, it was established to invest surplus ...
in October 2023. CDP Equity holds a majority of the shares in power generation equipment supplier
Ansaldo Energia Ansaldo Energia S.p.A. is an Italian power engineering company based in Genoa, Italy. The original parent company, Gio. Ansaldo & C., was founded in 1853, and merged with Finmeccanica in 1993 (now Leonardo S.p.A.). In 2024, the company's sha ...
as well as in shipbuilding group
Fincantieri Fincantieri S.p.A. () is an Italian shipbuilding company based in Trieste, Italy. Already the largest shipbuilder in Europe, after the acquisition of Vard in 2013, Fincantieri group doubled in size to become the fourth largest in the world (2014 ...
.


Investments

In May 2012, the Italian Strategic Fund stated that it would give financial backing to help fund a project that will bring
fiber-optic cable A fiber-optic cable, also known as an optical-fiber cable, is an assembly similar to an electrical cable but containing one or more optical fibers that are used to carry light. The optical fiber elements are typically individually coated with p ...
to
Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...
's main cities, as part of the country's attempt to increase high-speed internet connectivity. The €4.5 billion project, led by fibre-optic company
Metroweb Metroweb (formerly Citytel), also known as Metroweb Milano, was a fiber-optic network operator based in Milan, Italy. It was a subsidiary of Metroweb Italia S.p.A. Founded in 1997, Metroweb was known for its fiber-optic cabling. Historical ...
(was a subsidiary of F2i First Fund via F2i Reti TLC) will receive an initial €200 million from Fondo Strategico Italiano through F2i Reti TLC. There is also an option for the fund to provide a further €300 million. In May 2012, the Fondo Strategico Italiano acquired an 18.6% stake in biopharmaceutical company Kedrion S.p.A. from
holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
Sestant S.p.A. for a total of €150 million. In addition, the Fondo Strategico Italiano has an option to acquire a majority stake in Kedrion from Sestant. Also in May 2012, the defence and aerospace group
Finmeccanica Leonardo S.p.A., formerly Leonardo-Finmeccanica and originally Finmeccanica, is an Italian multinational company specialising in aerospace, defence and security. Headquartered in Rome, the company has 180 sites worldwide. It is the 12th largest ...
agreed to sell its 14% stake in aero-engine parts maker
Avio Avio S.p.A. is an Italian company operating in the aerospace sector with its head office in Colleferro near Rome, Italy. Founded in 1908, it is present in Italy and abroad with different commercial offices and 10 production sites. Avio operate ...
to the Fondo Strategico Italiano. According to
Finmeccanica Leonardo S.p.A., formerly Leonardo-Finmeccanica and originally Finmeccanica, is an Italian multinational company specialising in aerospace, defence and security. Headquartered in Rome, the company has 180 sites worldwide. It is the 12th largest ...
, the deal is subject to
Avio Avio S.p.A. is an Italian company operating in the aerospace sector with its head office in Colleferro near Rome, Italy. Founded in 1908, it is present in Italy and abroad with different commercial offices and 10 production sites. Avio operate ...
being listed on the
Milan stock exchange Borsa Italiana () or Borsa di Milano (), based in Milan at Mezzanotte Palace, is the Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervi ...
before the end of 2012. In November 2012, Prime Minister
Mario Monti Mario Monti (; born 19 March 1943) is an Italian politician, economist and academic who served as the Prime Minister of Italy from 2011 to 2013, leading a Technocratic government (Italy), technocratic government in the wake of the European sov ...
, signed with the
Government of Qatar The political system of Qatar runs under an authoritarian semi-constitutional monarchy with the emir as head of state and chief executive, and the prime minister as the head of government. Under the Constitution of Qatar, the partially-elected ...
a €2 billion development project; the main investor is
Qatar Holding The Qatar Investment Authority (QIA; ) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In November 2024, the QIA had an estimated $526 ...
. It was announced in March 2014, that the Fondo Strategico Italiano had made a non-binding offer for a 30% stake in the
Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many countries in the Americas **Spanish cuisine **Spanish history **Spanish culture ...
olive oil Olive oil is a vegetable oil obtained by pressing whole olives (the fruit of ''Olea europaea'', a traditional Tree fruit, tree crop of the Mediterranean Basin) and extracting the oil. It is commonly used in cooking for frying foods, as a cond ...
producer
Deoleo Deoleo, S.A. is a Spanish multinational olive oil processing company. It is the world's largest bottler selling brands such as Bertolli, Carapelli, Carbonell, and Koipe. In India, it sells olive oil under brand name Figaro. Legal Some controve ...
. In July 2016 Enel Open Fiber acquired Metroweb from F2i SGR and Cassa Depositi e Prestiti. However, CDP Equity also acquired 50% stake in Open Fiber. In 2021, CDP Equity and Macquarie bought the remaining 40% of
Open Fiber Open Fiber S.p.A. (formerly Enel Open Fiber S.p.A.) is an Italian wholesale only telecommunications company, owned 60% by CDP Equity S.p.A. (part of the Cassa Depositi e Prestiti S.p.A. group) and 40% by Macquarie Asset Management (part of the ...
not owned by the companies. CDP Equity raised its shares to 60% and Macquarie to 40%. In March 2021 CDP Equity and
Eni Eni is an Italian oil and gas corporation. Eni or ENI may refer to: Businesses and organisations * Escuela Nacional de Inteligencia, the Argentine intelligence academy * Groupe des écoles nationales d’ingénieurs (Groupe ENI), a French engi ...
launched the joint venture Green IT to develop solar and wind energy project for the next five years with an Investment of $957 million. 49% of the company is owned by CDP Equity and 51% by ENI. In March 2023, Green IT and
Copenhagen Infrastructure Partners Copenhagen Infrastructure Partners P/S ("CIP") is a Danish investment firm specializing in infrastructure investments, particularly wind power. CIP is one of the world's largest dedicated renewables investment firms with €32 billion raised and ...
began developing three floating wind projects off the coast of Italy. In April 2023, additional funds of €1.7 billion were agreed upon for GreenIT. The funds will be used for the development and construction of onshore and offshore plants as well as the re-powering of existing plants.


References


External links

* {{Authority control Sovereign wealth funds Government-owned companies of Italy Partly privatized companies of Italy Companies based in Milan Financial services companies of Italy