Italy
CDP Equity (previously Fondo Strategico Italiano) was established in 2011. It is an institutional investor that (i) acquires and manages direct holdings in companies of “significant national interest”, which are economically and financially secure and have strong balance sheets, and (ii) promotes, creates, manages and holds different Investments Funds reserved for other qualified national and international investors, with the aim to support the innovation and competitiveness of the Italian industrial system, by pursuing the objective of economic returns.
CDP Equity is wholly owned by Cassa Depositi e Prestiti Group SpA, which is controlled by the Italian Ministry of Economy and Finance and is actively supports the economy and infrastructure development. CDP Equity holds certain direct equity stakes in Italian companies, as well as making indirect investments through third-party managed private-equity, private-debt, infrastructure, and venture-capital funds as well as funds of funds.
As to the direct holdings, portfolio companies need to have adequate profitability and development prospects that are suitable for generating value for investors.
In accordance with its long-term investment horizon and investment objective, CDP Equity participates in the corporate governance of its portfolio companies entering into agreements with the other shareholders to:
- ensure an adequate level of representation and active governance
- a constant information flow
- options for the development of the company
- an exit plan, at market conditions, with a focus on eventually listing the company
CDP Equity also participates in all the private-equity funds of CDP Group, including Fondo Italiano d’Investimento SGR, CDP Venture Capital SGR (formerly Invitalia Ventures SGR), F2i SGR, QuattroR SGR and FSI SGR.
CDP Equity is open to joint investments with other primary industrial and financial partners that show interest in individual transactions. The selection of such partners is performed on the basis of the contribution that the partners can bring to the development and the governance of the company.
CDP Equity has agreements with a number of other sovereign wealth funds: Samruk-Kazyna, Kuwait Investment Authority, Qatar Investment Authority, Korea Investment Corporation, Russian Direct Investment Fund and China Investment Corporation.
