Fondo Italiano d’Investimento SGR completed the first close of its Private Equity Italia Tre Fund of Funds (FOF PEI Tre), securing €230m toward its €600m fundraising target.

The fund aims to build a diversified portfolio by investing in private equity funds focused on Italy, supporting the growth of local businesses. Here more about Italy’s fundraising strategies at the Private Equity Conference in Milan.

The first close was backed by Cassa Depositi e Prestiti as the cornerstone investor, alongside another major institutional investor. The capital raised will allow the fund to begin investing immediately, with a strong pipeline of opportunities already under advanced evaluation.

FOF PEI Tre will allocate capital to established private equity funds and may include secondary transactions while also helping to develop new investment initiatives. The firm is in ongoing discussions with Italian pension funds and institutional investors to channel additional resources into the country’s real economy.

Like its predecessors, the fund integrates environmental and social considerations into its investment strategy, with a particular focus on labor-related issues. It adheres to Article 8 of EU Regulation 2019/2088, ensuring that all investments align with sustainable finance standards.

Senior partner Luigi Tommasini emphasized the fund’s role in increasing Italian institutional investors’ exposure to domestic private equity, highlighting strong return potential driven by the country’s entrepreneurial ecosystem. Since 2010, Fondo Italiano has backed more than 70 funds supporting small and medium-sized businesses. Through its Real Economy Project, it has raised around €6bn and built a portfolio of 30 funds covering over 200 companies.