{{Short description|Italian Investment Fund}} {{Use dmy dates|date=November 2025}} {{Infobox company | name = CDP Equity S.p.A. | logo = | logo_size = | logo_alt = | logo_caption = | logo_padding = | image = | image_size = | image_alt = | image_caption = | native_name = Cassa Depositi e Prestiti Equity S.p.A. | former_name = Fondo Strategico Italiano S.p.A. | type = ''Società per azioni'' | industry = Financial services | founded = {{Start date and age|2011}} | founder = Cassa Depositi e Prestiti | hq_location = Palazzo Busca | hq_location_city = Milan | hq_location_country = Italy | area_served = Italy | num_locations = | num_locations_year = | num_employees = | num_employees_year = | key_people = {{ubl| Paolo Perrone (chairman) | Fabio Barchiesi (CEO)}} | brands = | services = Merchant bank | revenue = | revenue_year = | operating_income = | income_year = | net_income = {{increase}} €249.446&nbsp;million | net_income_year = 2014 | assets = {{increase}} €5.564&nbsp;billion | assets_year = 2014 | equity = {{increase}} €4.833&nbsp;billion | equity_year = 2014 | owner = Cassa Depositi e Prestiti (100%) | parent = CDP Group | subsid = Open Fiber<br/>Ansaldo Energia<br/>Fincantieri | rating = | website = {{URL|https://www.cdpequity.it/}} | footnotes = In separate financial statements<ref>{{cite web|url=http://www.cdpequity.it/static/upload/fsi/fsi_bilancio-2014.pdf|title=2014 Bilancio|trans-title=2014 Annual Report|date=19 May 2015|access-date=26 September 2016|publisher=Fondo Strategico Italiano|language=Italian|archive-url=https://web.archive.org/web/20161222022801/http://www.cdpequity.it/static/upload/fsi/fsi_bilancio-2014.pdf|archive-date=22 December 2016|url-status=dead}}</ref> }} '''Cassa Depositi e Prestiti Equity S.p.A.''' (formerly '''Fondo Strategico Italiano S.p.A.'''; '''FSI S.p.A.''') also known as '''CDP Equity S.p.A.''', is a majority state-owned Italian sovereign wealth fund established in 2011. Its purpose is to invest in strategic Italian companies to help them to compete globally.

==History== The fund was established in 2011 as ''Fondo Strategico Italiano''.<ref name=":3">{{Cite book |last=Liu |first=Zongyuan Zoe |title=Sovereign Funds: How the Communist Party of China Finances its Global Ambitions |publisher=The Belknap Press of Harvard University Press |year=2023 |isbn=9780674271913 |pages=}}</ref>{{Rp|page=25}} Its mandate was to invest in strategic Italian companies to help them to compete globally.<ref name=":3" />{{Rp|page=25}} The fund's activity is restricted to healthy and profitable Italian businesses, with solid growth prospects, in need of capital injection to enlarge their business and be competitive on a global scale.<ref name="FSI">{{cite news |author=SWF Institute |title=Italian Strategic Fund |url=http://www.swfinstitute.org/swfs/italian-strategic-fund/ |archive-url=https://web.archive.org/web/20120426172615/http://www.swfinstitute.org/swfs/italian-strategic-fund/ |archive-date=26 April 2012 |publisher=SWF Institute}}</ref> The initial capital of the fund totalled €1 billion, with 90% of this sum contributed by CDP and 10% from Fintecna. The CDP is ready to inject a total amount of €4 billion.<ref name="FSI" />

The fund was set up by the state-controlled lender Cassa Depositi e Prestiti (CDP) on the directive of Economy Minister Giulio Tremonti, emulating a similar fund in France, allegedly after French dairy company Groupe Lactalis SA made a successful takeover bid for Parmalat.<ref name=WSJ>{{cite news| url=https://www.wsj.com/articles/SB10001424053111904353504576566763090371044| title= Tamagnini Named CEO of Italian Strategic Fund | author=Christopher Emsden| publisher=Wall Street Journal| date=12 September 2011}}</ref>

The fund become a member of the International Forum of Sovereign Wealth Funds and signed up to the Santiago Principles on best precise on managing Sovereign Wealth Funds.<ref name="IFSWF001">{{cite web |url=http://www.ifswf.org/members |title=IFSWF Our members |author=International Forum of Sovereign Wealth Funds |access-date=24 September 2016 |url-status=dead |archiveurl=https://web.archive.org/web/20160927094338/http://www.ifswf.org/members |archivedate=27 September 2016 }}</ref><ref name="CDPEquity001">{{cite web |url=http://www.cdpequity.it/en/how-we-operate/invest-with-cdp-equity.html |title=Invest with CDP Equity |author=CDPequity.it |access-date=28 October 2016}}</ref><ref>{{cite web|url=https://www.ifswf.org/assessment/italy|title=Santiago Principles Self-Assessment - CDP Equity SpA|access-date=29 May 2021}}</ref>

In September 2011, Maurizio Tamagnini, formerly a top investment banker at Merrill Lynch, was hired as the CEO of the fund.<ref name=WSJ /> The position of chairman is filled by Giovanni Gorno Tempini, who was also the CEO of CDP, and is now its chairman of the board.<ref>{{cite news| url= http://investing.businessweek.com/research/stocks/people/person.asp?personId=21753521&ticker=SRN:IM| archive-url= https://archive.today/20130118192031/http://investing.businessweek.com/research/stocks/people/person.asp?personId=21753521&ticker=SRN:IM| url-status= dead| archive-date= 18 January 2013| title= Executive Profile: Giovanni Gorno Tempini| publisher= Bloomberg Businessweek}}</ref>

On 31 March 2016, Fondo Strategico Italiano was renamed into CDP Equity.<ref>{{cite web|url=https://www.fondofsi.it/en/about-us/|title=FSI - About us}}</ref>

On 5 August 2016, Bank of Italy withdrew its 20% stake from CDP Equity.<ref>{{cite web|url=http://www.bancaditalia.it/media/notizia/the-bank-of-italy-s-capital-withdrawal-from-cdp-equity-formerly-fsi-spa|title=The Bank of Italy's capital withdrawal from CDP Equity (formerly FSI SpA)|date=5 August 2016|access-date=9 August 2016|publisher=Bank of Italy}}</ref>

Atlantia’s 88% share in motorway company Autostrade per l'Italia was bought in 2021 by a consortium of CDP Equity, Blackstone and Macquarie Group. CDP Equity holds 51% of the consortiums shares, while each other member holds 24,5%.<ref>{{Cite web |date=24 February 2021 |title=Exclusive: CDP consortium's bid to value Atlantia unit at 9 billion euros - sources |url=https://www.reuters.com/article/us-autostrade-m-a-cdp-exclusive/exclusive-cdp-consortiums-bid-to-value-atlantia-unit-at-9-billion-euros-sources-idINKBN2AN1TS/ |access-date=22 March 2025 |website=Reuters}}</ref><ref>{{Cite web |date=12 November 2021 |title=EU Clears Sale of Atlantia's ASPI to Group Led by Italy's CDP |url=https://news.bloomberglaw.com/antitrust/eu-clears-sale-of-atlantias-aspi-to-group-led-by-italys-cdp |access-date=22 March 2025 |website=Bloomberg Law}}</ref>

CDP Equity, together with other CDP Group subsidiaries signed a memorandum of understanding (MoU) with Khazanah Nasional in October 2023.<ref>{{Cite web |date=5 October 2023 |title=Khazanah and CDP Group collaborate for investment opportunities |url=https://www.thestar.com.my/business/business-news/2023/10/05/khazanah-and-cdp-group-collaborate-for-investment-opportunities |access-date=2 May 2025 |website=The Star |language=en}}</ref>

CDP Equity holds a majority of the shares in power generation equipment supplier Ansaldo Energia as well as in shipbuilding group Fincantieri.<ref>{{Cite web |date=30 November 2022 |title=Gas crisis forces Italy's Ansaldo to raise $569 million in capital |url=https://www.reuters.com/business/energy/gas-crisis-forces-italys-ansaldo-raise-569-million-capital-2022-11-29/ |access-date=22 March 2025 |website=Reuters}}</ref><ref>{{Cite web |date=12 July 2024 |title=99.2% of Fincantieri's 400 million capital increase subscribed |url=https://www.informare.it/news/gennews/2024/20241000-Sottoscritto-99pc-aumento-capitale-Fincantieriuk.asp |access-date=22 March 2025 |website=inforMARE |language=uk}}</ref><ref>{{Cite web |title=Portfolio |url=https://www.cdp.it/sitointernet/en/cdp_equity_portafoglio.page |access-date=22 March 2025 |website=Cassa Depositi e Prestiti |language=en}}</ref>

==Investments== In May 2012, the Italian Strategic Fund stated that it would give financial backing to help fund a project that will bring fiber-optic cable to Italy's main cities, as part of the country's attempt to increase high-speed internet connectivity. The €4.5 billion project, led by fibre-optic company Metroweb (was a subsidiary of F2i First Fund via F2i Reti TLC) will receive an initial €200 million from Fondo Strategico Italiano through F2i Reti TLC. There is also an option for the fund to provide a further €300 million.<ref>{{cite news | url= http://uk.reuters.com/article/metroweb-fsi-idUKL5E8GSDVD20120528| archive-url= https://web.archive.org/web/20160305164406/http://uk.reuters.com/article/metroweb-fsi-idUKL5E8GSDVD20120528| url-status= dead| archive-date= 5 March 2016| title= Italy fund to inject up to 500 mln euro in fibre rollout| author= Stephen Jewkes, Luca Trogni and Danilo Masoni| work=Reuters| date=28 May 2012}}</ref>

In May 2012, the Fondo Strategico Italiano acquired an 18.6% stake in biopharmaceutical company Kedrion S.p.A. from holding company Sestant S.p.A. for a total of €150 million. In addition, the Fondo Strategico Italiano has an option to acquire a majority stake in Kedrion from Sestant.<ref>{{cite news| url=http://www.researchviews.com/healthcare/pharma/immunology/DealReport.aspx?sector=Immunology&DealID=195062| archive-url=https://archive.today/20130201074738/http://www.researchviews.com/healthcare/pharma/immunology/DealReport.aspx?sector=Immunology&DealID=195062| url-status=dead| archive-date=1 February 2013| title=Fondo Strategico Italiano Acquires 18.6% Stake In Kedrion From Sestant For $188 Million| author=Research Views| publisher=Research Views| date=28 May 2012}}</ref>

Also in May 2012, the defence and aerospace group Finmeccanica agreed to sell its 14% stake in aero-engine parts maker Avio to the Fondo Strategico Italiano. According to Finmeccanica, the deal is subject to Avio being listed on the Milan stock exchange before the end of 2012.<ref>{{cite news| url= https://www.reuters.com/article/avio-finmeccanica-idUSL5E8GV2OT20120531| title= Finmeccanica to sell Avio stake to state-led fund| author= Stephen Jewkes and Hans-Juergen Peters| publisher= Reuters| date= 31 May 2012| access-date= 30 June 2017| archive-date= 1 June 2012| archive-url= https://web.archive.org/web/20120601115045/http://www.reuters.com/article/2012/05/31/avio-finmeccanica-idUSL5E8GV2OT20120531| url-status= live}}</ref> In November 2012, Prime Minister Mario Monti, signed with the Government of Qatar a €2 billion development project; the main investor is Qatar Holding.<ref>{{Cite web |title=Italy's Monti seals investment deal with Qatar |work=U.S. |url=https://www.reuters.com/article/us-italy-qatar-idUKBRE8AI0GC20121119 |last1=Doherty |first1=Regan |date=19 November 2012 }}</ref>

It was announced in March 2014, that the Fondo Strategico Italiano had made a non-binding offer for a 30% stake in the Spanish olive oil producer Deoleo.<ref>{{cite news|title= Italy strategic fund says made offer for stake in Spain's Deoleo|work= Reuters|date= 6 March 2014|url= https://www.reuters.com/article/us-italy-fsi-deoleo-idUSBREA252CB20140306|accessdate= 6 March 2014|archive-date= 7 March 2014|archive-url= https://web.archive.org/web/20140307003328/http://www.reuters.com/article/2014/03/06/us-italy-fsi-deoleo-idUSBREA252CB20140306|url-status= live}}</ref>

In July 2016 Enel Open Fiber acquired Metroweb from F2i SGR and Cassa Depositi e Prestiti. However, CDP Equity also acquired 50% stake in Open Fiber.<ref>{{Cite web |title=OPEN FIBER PERFEZIONA L'ACQUISIZIONE DI METROWEB |url=http://www.enelopenfiber.it/comunicati/comunicato_15.html |access-date=24 December 2016 |website=www.enelopenfiber.it |language=it-IT |archive-date=21 December 2016 |archive-url=https://web.archive.org/web/20161221093329/http://www.enelopenfiber.it/comunicati/comunicato_15.html |url-status=dead }}</ref><ref>{{Cite web |title=OPEN FIBER: CDA APPROVA FUSIONE METROWEB. |url=https://www.enelopenfiber.it/comunicati/comunicato_16.html |access-date=27 January 2017 |website=www.enelopenfiber.it |language=it-IT }}{{Dead link|date=November 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web |date= |title=ENEL ACCELERATES ON BROADBAND WITH METROWEB ACQUISITION |url=https://www.enel.com/en-GB/Pages/media/press/detail.aspx?source=investors&id=955&title=ENEL%20ACCELERATES%20ON%20BROADBAND%20WITH%20METROWEB%20ACQUISITION&curPage=1 |access-date= |website=www.enel.com |publisher= |language=en |archive-date=29 August 2016 |archive-url=https://web.archive.org/web/20160829043208/https://www.enel.com/en-GB/Pages/media/press/detail.aspx?source=investors&id=955&title=ENEL%20ACCELERATES%20ON%20BROADBAND%20WITH%20METROWEB%20ACQUISITION&curPage=1 |url-status=dead }}</ref> In 2021, CDP Equity and Macquarie bought the remaining 40% of Open Fiber not owned by the companies. CDP Equity raised its shares to 60% and Macquarie to 40%.<ref>{{Cite news |date=21 November 2021 |title=Macquarie and CDP win EU approval for Open Fiber acquisition |url=https://www.reuters.com/business/media-telecom/macquarie-cdp-win-eu-approval-open-fiber-acquisition-2021-11-11/ |access-date=22 March 2025 |work=Reuters |language=en-US}}</ref><ref>{{Cite web |last=Hardy |first=Stephen |date=15 November 2021 |title=European Commission approves CDP/Macquarie takeover of Open Fiber |url=https://www.lightwaveonline.com/business/mergers-acquisitions/article/14213976/european-commission-approves-cdp-macquarie-takeover-of-open-fiber |access-date=22 March 2025 |website=Lightwave |language=en}}</ref>

In March 2021 CDP Equity and Eni launched the joint venture Green IT to develop solar and wind energy project for the next five years with an Investment of $957 million. 49% of the company is owned by CDP Equity and 51% by ENI.<ref>{{Cite web |date=11 March 2021 |title=Italy's Eni, CDP form joint venture to invest 800 mln euros in renewable energy |url=https://www.reuters.com/business/energy/italys-eni-cdp-form-joint-venture-invest-800-mln-euros-renewable-energy-2021-03-11/ |access-date=2 May 2025 |website=Reuters}}</ref><ref>{{Cite web |last=Ellichipuram |first=Umesh |date=12 March 2021 |title=Eni and CDP Equity to develop renewable energy assets in Italy |url=https://www.power-technology.com/news/eni-cdp-equity-develop-greenit-joint-venture-renewable-energy-generation-assets-italy/ |access-date=2 May 2025 |website=Power Technology |language=en-US}}</ref> In March 2023, Green IT and Copenhagen Infrastructure Partners began developing three floating wind projects off the coast of Italy.<ref>{{Cite web |date=23 March 2023 |title=Three floating wind projects planned in Italy - The Energy Year |url=https://theenergyyear.com/news/three-floating-wind-projects-planned-in-italy/ |access-date=2 May 2025 |website=theenergyyear.com |language=en-US}}</ref> In April 2023, additional funds of €1.7 billion were agreed upon for GreenIT. The funds will be used for the development and construction of onshore and offshore plants as well as the re-powering of existing plants.<ref>{{Cite web |last= |first= |title=Eni's Plenitude and CDP Equity commit to decarbonisation of Italy's electricity sector through GreenIT investment |url=https://news.europawire.eu/enis-plenitude-and-cdp-equity-commit-to-decarbonisation-of-italys-electricity-sector-through-greenit-investment/eu-press-release/2023/04/07/10/30/55/114556/ |access-date=2 May 2025 |website=EuropaWire |language=en-US}}</ref><ref>{{Cite web |last=Takyar |first=Sarthak |date=10 January 2024 |title=GreenIT, Galileo to build 140 MW of solar PV in Italy |url=https://renewablewatch.in/2024/01/10/greenit-galileo-to-build-140-mw-of-solar-pv-in-italy-2/ |access-date=2 May 2025 |website=Renewable Watch |language=en-US}}</ref><ref>{{Cite web |last=Kavitha |date=19 January 2024 |title=GreenIT and Galileo Reach Agreement for Eight Solar PV Projects in Italy |url=https://solarquarter.com/2024/01/19/greenit-and-galileo-reach-agreement-for-eight-solar-pv-projects-in-italy/ |access-date=2 May 2025 |website=SolarQuarter |language=en-GB}}</ref>

==References== {{Reflist}}

==External links== {{Portal|Companies}} * {{Official website|}}

{{Authority control}}

Category:Sovereign wealth funds Category:Government-owned companies of Italy Category:Partly privatised companies of Italy Category:Companies based in Milan Category:Financial services companies of Italy