Milan – Fondo Italiano d’Investimento has successfully raised €113 million in commitments for its Fondo Italiano Private Equity Co-investimenti (FIPEC) fund, marking its second close. The fund is targeting a total of €150 million and will remain open for another 12 months as it continues discussions with prospective investors.
Launched in 2023, FIPEC focuses on co-investing alongside private equity firms to support Italian SMEs with annual revenues up to €300 million. The fund targets investments in six strategic sectors: made-in-Italy supply chains, life sciences, industrial technologies, IT and digital, agrifood, and tourism and hospitality. Typically, FIPEC invests between €5 million and €15 million in minority stakes, either during acquisitions or when companies are expanding their portfolios.
In its first year, FIPEC has already allocated 25% of its capital across four co-investments. These include:
- Errevi System, a cloud and cybersecurity services provider, in partnership with Kyip Capital
- The Nice Kitchen, a manufacturer of professional kitchen accessories, backed by 21 Invest
- Eurosirel, a medical device and cosmetics manufacturer, supported by Arca Space Capital and Alto Partners
- CRM – Casa della Piada, a baked goods company, in collaboration with Wise Equity
The fund is expected to complete between 10 and 15 investments in total, further solidifying its position as a critical co-investment vehicle for private equity firms in Italy.
Founded in 2010 by the Ministry of Economy and Finance, Fondo Italiano is backed by key institutional investors, including CDP Equity, Intesa Sanpaolo, and UniCredit. The firm manages €4 billion across 21 closed-end mutual funds, executing both direct and fund-of-funds investments.
As Italy’s private equity landscape evolves, FIPEC’s growth underscores the increasing importance of co-investment strategies in fueling SME development and fostering innovation across sectors.
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