Global Infrastructure SherpaItalian state-backed Fondo Nazionale Strategico Indiretto (FNSI) raises initial capital targeting growth companies, including those in infrastructure
USD1000M
Deal Value
The Fondo Nazionale Strategico Indiretto (FNSI), a state-backed strategic investment vehicle managed by Cassa Depositi e Prestiti (CDP), began operations in February 2026, targeting €1bn in total capital. CDP is contributing half, with the remainder from institutional investors, including pension funds, to invest in Italian growth companies, with a focus on long-term trends like energy transition, electrification, and infrastructure. Generali Asset Management's Futures Leaders Italia fund, part of this initiative, held its first closing at €123m, with other funds from Algebris, Amundi, Anima, Arca, Equita, Eurizon Generali, and Miria also approved to invest.
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Counterparts (10)
Partner
A
Arca
New York City-based private investment firm founded in 2017, focused on mid-market infrastructure opportunities across digital infrastructure, energy transition, and transportation sectors. The firm has completed over $1.5 billion in transactions and developed over 1.5 GW of renewable energy projects globally.
Algebris
Generali Asset Management
Generali Asset Management is the multi-boutique asset management arm of the Generali Group, managing over €500 billion in assets as of December 2023. It invests in private assets, including infrastructure equity and debt, focusing on core and core-plus assets across renewable energy, digital infrastructure, regulated utilities, and transportation in Europe and North America.
Equita
E
Eurizon Generali
Milan-based asset manager and part of the Intesa Sanpaolo Group, Eurizon Capital SGR manages over €400 billion in assets. The company actively invests in European infrastructure, focusing on senior debt for energy transition, digital, transport, and social infrastructure projects.
Amundi
Amundi is a Paris-based global asset manager, a subsidiary of Crédit Agricole S.A., with over €2 trillion in assets under management as of late 2023. It invests across various asset classes, with a significant focus on real assets and infrastructure, particularly in energy transition, digital infrastructure, and sustainable utilities globally.
Anima
Milan-based Anima SGR, a leading Italian asset management company with over €189 billion in AUM, invests in Italian infrastructure assets through its Anima Alternative SGR arm. It focuses on digital infrastructure, energy transition, utilities, and transport sectors.
M
Miria
Miami-based private investment firm founded in 2020, managing over $1 billion in assets under management, focused on infrastructure assets across the Americas. Invests in renewable energy, digital infrastructure (fiber, data centers), transport (toll roads, ports), and utilities (water, wastewater) through specialized platforms.
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Subscribe from €20/mo →Deal Analysis
Italy's state-backed Fondo Nazionale Strategico Indiretto (FNSI) has officially launched, targeting €1 billion to back Italian growth companies, particularly those driving energy transition, electrification, and infrastructure. Cassa Depositi e Prestiti (CDP) is anchoring the fund with half the capital, attracting institutional investors, including pension funds, for the balance. Generali Asset Management's Futures Leaders Italia fund, a key part of this initiative, has already secured €123 million in its initial closing. This broad participation, including funds from Algebris, Amundi, and Eurizon Generali, channels significant domestic capital into the country's strategic long-term trends.
- FNSI targeting €1 billion in total capital.
- CDP contributing 50% of the fund's capital.
- Generali Asset Management's Futures Leaders Italia fund secured €123 million in its first closing.
- Eight asset managers, including Algebris and Amundi, approved to invest.
Timeline
Announced
Mar 10, 2026
Signed
Closed
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