The €9bn defined contribution pension fund of Intesa Sanpaolo has allocated €700m across five asset managers, Banor, Quaestio, Azimut, Eurizon Capital, and Generali Investments, to implement defensive multi-asset strategies designed to reduce tail risk amid market uncertainty.

These mandates, revealed in the fund’s 2024 financial statement, are part of its tactical allocation strategy. Banor and Quaestio will manage €145m and €135m respectively across the ‘Bilanciato’ and ‘Difensivo’ sub-funds, while Azimut, Eurizon, and Generali will manage €145m, €135m, and €130m in the ‘Equilibrato’ and ‘Dinamico’ sub-funds.

In parallel, the pension fund is scaling up its private markets activity with an additional €170m allocated to private equity secondaries and private debt—bringing total exposure to €523m. Notable commitments include Capital Dynamics Global Secondaries VI, Partners Group Secondary VIII, and Ardian ASF IX in secondaries, as well as Tikehau Direct Lending VI and Edmond de Rothschild AM’s Bridge Europe 2023 Yield Plus fund in private debt.

While still below its strategic private markets target of 10% of total assets, the fund is actively reviewing further investments in Italian private equity, growth equity, and infrastructure.

The shift underscores the fund’s effort to diversify amid a “deeply uncertain” macroeconomic environment, citing US trade tensions and bond market volatility as key risks.

Source: IPE

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