Fondo Pensione a contribuzione definita del Gruppo Intesa Sanpaolo, the pension fund for the employees of Intesa Sanpaolo bank, is planning a €100m investment in private markets through Alternative Investment Funds (AIFs).
The scheme plans to invest in European and/or global private equity secondaries, in Italian private equity, and European private debt, as per an online notice.
The overall commitment of the pension fund for the next round of private market investments – indicative and not binding – is €100m, according to media outlet Mondoinstitutional.
Alternative assets are mostly held in the portfolios of the scheme’s ‘Equilibrato’ and ‘Dinamico’ sub-funds, investing in private equity, infrastructure and renewables, real assets and private debt.
Investments in AIFs have a strategic allocation of 12% of the total assets under management of the sub-fund ‘Equilibrato’, and 20% of total AUM of the ‘Dinamico’, the scheme said in its investment policy paper.
The pension fund picks alternative investments taking into account the cost structure, access to information on strategies, management, investable universe, investment plan, related risks (financial, counter-party, concentration, use of derivatives), liquidity and the so-called lock-up period, it added.
Fondo Pensione Intesa Sanpaolo has a further four sub-funds, all still open to new members, including ‘Difensivo’, ‘Bilanciato Rischio Controllato’, ‘Dinamico Futuro Responsabile’, and ‘Conservativo’.
Assets in the ‘Difensivo’, ‘Equilibrato’ and ‘Dinamico’ sub-funds invest in corporate and government bonds, equity, and direct alternative investments, it added.
The ‘Dinamico Futuro Responsabile’ is tilted instead towards ESG investments in corporate bonds and equities in Europe, with a thematic focus on climate change, and AIFs targeting renewable energy allocations.
So far this year, ‘Difensivo’ returned 0.8%, ‘Bilanciato Rischio Controllato’ 1.43%, ‘Equilibrato’ 1.23%, ‘Dinamico Futuro Responsabile’ 1.12%, ‘Dinamico’ 2.44%, and ‘Conservativo’ -0.26%, according to the scheme.
Total assets amounted to €9.1bn at the end of 2023, according to Mondoinstitutional.