CDP Equity S.p.A.

CDP Equity S.p.A. · Italy · Europe · Founded 2011 · Strategic development fund · IFSWF full member

Focus

CDP Equity S.p.A.: what it invests in

Infrastructure and utilitiesTelecoms and mediaIndustrials and manufacturingEnergy: oil and gasRenewables and climateFinancial services

Strategic state holdingsPrivate equityVenture capitalInfrastructure

Geography Mainly domestic

Scale

CDP Equity S.p.A.: how big it is, and on what basis

EUR 12.44B total assets

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 14.6B. Converted at EUR 0.85106 per USD, ECB rate for 31 December 2025

Transparency

CDP Equity S.p.A.: what it publishes

7.5 of 10 Band 4 of 5

Published 6 · Partly 3 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS1: EUR 12.44B (about USD 14.6B, end 2025); As of 2025-12-31
Dividends received, 2025S1: EUR 432M; As of 2025-12-31
Net income, 2025S1: EUR 25.1M; As of 2025-12-31
Fund commitments, 2025S1: EUR 325M; As of 2025-12-31
Turnover thresholdS1: EUR 300M (and 250 staff); As of 2025-12-31
Transparency scoreS1: 7.5 of 10; As of 2025-12-31

At a glance. CDP Equity is the equity investment arm of Italy's Cassa Depositi e Prestiti group, set up in 2011 as Fondo Strategico Italiano. It takes long-term stakes in companies of significant national interest, from motorways and fibre networks to shipbuilding and payments. Its balance sheet showed total assets of EUR 12.44B (about USD 14.6B) at end 2025, with EUR 432M of dividends received that year. S1 S4

Key points

Invests in companies of national interest: defence, security, infrastructure, transport, communications, energy and insurance, or firms with at least EUR 300M of turnover and 250 staff. S1
Leads the consortium with Blackstone and Macquarie that owns 88 percent of Autostrade per l'Italia, holding 51 percent of it. S3
Holdings include Fincantieri (70.9 percent), Ansaldo Energia (99.6 percent), Nexi (19.1 percent), Saipem (12.8 percent) and Euronext (8.1 percent). S3
Committed EUR 325M to four funds in 2025, including EUR 150M to FoF Private Equity Italy III. S1
Net income was EUR 25.1M in 2025 against EUR 443.4M in 2024. S1
Bought Kuwait Investment Authority's 22.88 percent of CDPE Investimenti for about EUR 162M in October 2025. S1

Interesting facts

It started in 2011 with EUR 1B of capital, 90 percent from CDP and 10 percent from Fintecna. S3
It owns 70 percent of CDP Venture Capital SGR and 55 percent of Fondo Italiano d'Investimento, so it also backs Italian venture and private equity. S3
Its holdings include a 45.9 percent stake in hotel group Hotelturist. S3

Mandate and goals

Invest mainly in companies of significant national interest, as defined by Ministry of Economy and Finance decrees of 2011 and 2014 and the articles of association. S1

Help strategic Italian companies grow and compete globally. S3
Hold long-term stakes in key national infrastructure and industry. S1
Back Italian private equity and venture through fund commitments. S1

How it invests

Industries	Infrastructure and utilities, Telecoms and media, Industrials and manufacturing, Energy: oil and gas, Renewables and climate, Financial services, Transport and logistics, Technology S1 S3
Asset classes	Strategic state holdings, Private equity, Venture capital, Infrastructure S1
Stages	Growth, Buyout, Infrastructure, Public markets, Venture S1 S3
Geography	Mainly domestic. Italy S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Ticket size	No ticket size published; targets companies with at least EUR 300M turnover and 250 staff, or EUR 240M and 200 staff where the national benefit is significant S1
Deal sizes seen	EUR 50M (EDCO fund, 2025) to EUR 285.9M (Open Fiber Holdings, 2025)
External managers	Commits to funds run by Fondo Italiano d'Investimento, CDP Venture Capital, F2i and PIMCO S1
Co-investment programme	Co-invests in consortia, for example with Blackstone and Macquarie in Autostrade and with Macquarie in Open Fiber S1 S3

Largest holdings: Autostrade per l'Italia (via consortium) (88.1%), Ansaldo Energia (99.6%), Fincantieri (70.9%), Valvitalia (75%), GreenIT (49%), Diagram (41.6%), Nexi (19.1%), Webuild (16.4%), Saipem (12.8%), Euronext (8.1%) (as of 2026-07-17) S3

Published criteria

Company of significant national interest by sector: defence, security, infrastructure, transport, communications, energy or insurance. S1
Or above size thresholds: turnover of EUR 300M and 250 staff, lowered to EUR 240M and 200 staff for significant national benefit. S1
Targets sound, profitable businesses with growth prospects that need capital to scale. S3

Fund commitments

Manager	Fund	Amount	Year
Fondo Italiano d'Investimento SGR	FoF Private Equity Italy III	EUR 150M	2025 S1
Fondo Italiano d'Investimento SGR	Fondo Italiano Consolidamento e Crescita II	EUR 50M	2025 S1
PIMCO	EDCO data centre fund	EUR 50M	2025 S1
CDP Venture Capital SGR	Technology Transfer II	EUR 75M	2025 S1

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	CDPE Investimenti (KIA stake). Bought the 22.88 percent held by Kuwait Investment Authority, then merged the vehicle into CDP Equity. S1	Direct investment	Financial services	Not stated	About EUR 162M	22.88%
2025	Open Fiber Holdings. Capital payments under May 2025 agreements with shareholders and lenders. S1	Direct investment	Telecoms and media	Infrastructure	EUR 285.9M
2025	FoF Private Equity Italy III. Fund of funds run by Fondo Italiano d'Investimento. S1	Fund commitment	Multi-sector	Buyout	EUR 150M
2025	Agrinova (Diagram group). Took 41.6 percent of the vehicle holding the digital agriculture group. S1	Direct investment	Agriculture and food security	Growth	EUR 116.3M (capitalisation)	41.6%
2025	Technology Transfer II. Fund run by CDP Venture Capital SGR. S1	Fund commitment	Technology	Venture	EUR 75M
2025	EDCO data centre fund. Data centre fund managed by PIMCO. S1	Fund commitment	Technology	Infrastructure	EUR 50M
2021	Autostrade per l'Italia. Consortium bought 88 percent of the motorway operator; CDP Equity holds 51 percent of the consortium. S3	Co-investment	Transport and logistics	Infrastructure	Not published	51%
2021	Open Fiber. With Macquarie bought the 40 percent not already owned. S3	Co-investment	Telecoms and media	Infrastructure	Not published
2021	GreenIT (with Eni). Solar and wind venture, 49 percent CDP Equity and 51 percent Eni. S3	Joint venture or partnership	Renewables and climate	Infrastructure	USD 957M (five-year plan)	49%
2012	Kedrion. Bought 18.6 percent of the biopharmaceutical company. S3	Direct investment	Healthcare and life sciences	Growth	EUR 150M	18.6%
2012	Metroweb (via F2i Reti TLC). Funding for a EUR 4.5B fibre roll-out in major cities. S3	Co-investment	Telecoms and media	Infrastructure	EUR 200M initial

Case studies

Taking Autostrade into national hands S3

What: CDP Equity led a consortium with Blackstone and Macquarie to buy Atlantia's 88 percent of Autostrade per l'Italia.
When: 2021
Size: 51% of the consortium
Why: Keeps control of the national motorway operator with long-term partners.
Outcome: Holding now sits in the group chart as Holding Reti Autostradali.

Building a national fibre network S3 S1

What: From a 2012 stake in Metroweb to joint control of Open Fiber with Macquarie.
When: 2012 to 2025
Size: EUR 285.9M paid in during 2025
Why: Speed up high-speed broadband across Italy.
Outcome: Holds 19.14 percent of Open Fiber directly and via Open Fiber Holdings.

Backing the domestic fund market S1

What: Four fund commitments in one year across private equity, growth, data centres and tech transfer.
When: 2025
Size: EUR 325M
Why: Channels capital into Italian companies through specialist managers.

Investment process

A three-member board appointed by the sole shareholder CDP decides investments within the national interest criteria. A board of statutory auditors also serves as Supervisory Body. S1 S5

Committee	Role
Board of Directors	Three directors appointed by CDP for 2025 to 2027 S1
Board of Statutory Auditors	Also the Supervisory Body under Legislative Decree 231/2001 S1

Test the target against national interest sector lists or turnover and staff thresholds. S1
Board approval, with parent CDP as sole shareholder. S1

How to approach: No dedicated intake is published; the CDP website has contact and business pages. S6

Size and returns

Headline size: EUR 12.44B total assets (Total assets (balance sheet), as of 2025-12-31) S1 S4
In US dollars: about USD 14.6B. Converted at EUR 0.85106 per USD, ECB rate for 31 December 2025
Equity: EUR 12.41B (Net assets or equity, as of 2025-12-31) S1
Returns: the fund does not publish a return figure.
Size over time (EUR billion): 2024 11.215, 2025 12.443 S1

Leadership

Name	Title	Since
Paolo Perrone	Chairman S1 S5	2025-10-24
Fabio Barchiesi	Chief Executive Officer and General Manager S1 S5	2025-10-24
Francesca Fonzi	Director S1	2025-10-24
Ottavio De Marco	Chair, Board of Statutory Auditors S1	Not published

Governance and transparency

Legal basis: Company formed under Article 5, paragraph 8-bis of Decree-Law 269 of 2003; criteria set by ministry decrees of 3 May 2011 and 2 July 2014 S1
Oversight: Sole shareholder Cassa Depositi e Prestiti appoints the board S1
Auditor: Deloitte and Touche S.p.A. S1
Santiago Principles: Full IFSWF member S2
Signed a memorandum with Khazanah Nasional in October 2023 alongside other CDP companies. S3

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1
Partly published: annual return, asset allocation, geographic or sector split. S1
Not published: long-term returns. S1

History

Date	Event
2011-08-02	Fondo Strategico Italiano set up. S1
2012-05	Kedrion and Metroweb investments. S3
2016-03-31	Renamed CDP Equity. S1
2021	Autostrade consortium and GreenIT venture. S3
2023-10	Memorandum with Khazanah Nasional. S3
2025-10-20	Buys KIA stake in CDPE Investimenti. S1
2025-10-23	CDPE Investimenti merged in. S1
2025-10-24	New board appointed. S5

For family offices

CDP Equity has no programme for private capital. It works with institutional co-investors in consortia and invests through Italian fund managers. S1 S3

Global infrastructure investors have joined it in consortia for national assets. S3
Italian PE and VC managers can receive commitments through group fund managers. S1

Reports

CDP Equity financial statements 2025: https://www.cdp.it/internet/public/cms/documents/CDP_Equity_RFA-2025_ENG.pdf S1

Common questions

How big is CDP Equity?

EUR 12.44B of total assets at end 2025, about USD 14.6B. S1 S4

Who owns CDP Equity?

Cassa Depositi e Prestiti owns 100 percent. S1

Who leads CDP Equity?

Fabio Barchiesi is CEO and General Manager; Paolo Perrone is Chairman. S1

What was it called before 2016?

Fondo Strategico Italiano S.p.A. S1

What companies can it invest in?

Companies of national interest by sector, or firms with at least EUR 300M of turnover and 250 staff. S1

Is CDP Equity an IFSWF member?

Yes, a full member. S2

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All sovereign wealth funds in Europe · All strategic development funds · All funds in Italy

Sources

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