National Made in Italy Fund (FNMI)

Fondo nazionale del Made in Italy · Italy · Europe · Founded 2023 · Strategic development fund · Not an IFSWF member

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Focus

FNMI: what it invests in

Mining and metalsIndustrials and manufacturingReal estateRenewables and climate

Private equityReal estate

Geography Mainly domestic

Scale

FNMI: how big it is, and on what basis

EUR 900M

Committed or authorised capitalAs of 2026-07-22

In US dollars: about USD 1.06B. Converted at EUR 0.85106 per US dollar, the ECB rate for 31 December 2025.

Transparency

FNMI: what it publishes

4.5 of 10 Band 3 of 5

Published 3 · Partly 3 · Not published 4

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

EndowmentS1: EUR 900M; As of 2026-07-22
Enterprise FundS1: EUR 600M (Fondo Italiano d'Investimento); As of 2026-07-22
Real Asset FundS1: EUR 300M (Invimit); As of 2026-07-22
Maximum share per dealS4: 50% (of total private equity investment); As of 2025-02-25
Operational sinceS1: 22 July 2026; As of 2026-07-22
Transparency scoreS4: 4.5 of 10; As of 2025-02-25

At a glance. The National Made in Italy Fund (FNMI) is a EUR 900 million state vehicle that invests on market terms in Italy's strategic supply chains, with critical raw materials as the first priority. Set up by the 2023 Made in Italy law, it started operating in July 2026 through two vehicles: a EUR 600 million Enterprise Fund run by Fondo Italiano d'Investimento and a EUR 300 million Real Asset Fund run by Invimit. S1 S4

Key points

Endowment of EUR 900 million: EUR 600 million Enterprise Fund and EUR 300 million Real Asset Fund. S1
Operational since 22 July 2026, when the two managers were appointed. S1
Priority on the full critical raw materials chain, from extraction and processing to recycling and reuse. S1 S4
The Enterprise Fund may provide at most 50 percent of each private equity deal, and no more than the private investors commit. S4
Co-investment with strategic investors, family offices and private equity funds is expressly allowed. S4
Excludes banking, finance and insurance companies; indirect fund investments must be SFDR Article 8 or 9. S4

Interesting facts

The Real Asset Fund invests in property used by strategic supply chain companies, through target real estate funds. S1 S4
Further priority chains are chosen by a cross-ministry Strategic Technical Committee. S1
The fund may not grant systematic co-investment rights to third parties. S4

Mandate and goals

FNMI supports the growth and consolidation of strategic Italian supply chains and secure access to critical raw materials, drawing private capital alongside public money under EU state aid rules. S1 S4

Mobilise new investment and private capital. S1
Secure supply chains and reduce foreign dependence. S1
Invest on market terms in line with EU rules. S4

How it invests

Industries	Mining and metals, Industrials and manufacturing, Real estate, Renewables and climate S1 S4
Asset classes	Private equity, Real estate S4
Stages	Seed, Venture, Growth, Real estate S4
Geography	Mainly domestic. Italian companies and assets in strategic supply chains S4
Direct / through funds / co-invest	Yes / Yes / Yes S4
Managed in house	0 percent S4
Ticket size	No ticket range set; the state share is capped at 50 percent of each private equity deal. S4
External managers	Invimit SGR and Fondo Italiano d'Investimento SGR S1
Co-investment programme	Deal-by-deal co-investment with strategic investors, family offices and private equity funds; no systematic co-investment rights S4

Published criteria

Italian joint-stock companies outside banking, finance and insurance. S4
Market-terms participation matched by private investors. S4
Young unlisted micro and small firms may qualify under EU risk finance rules. S4

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Enterprise Fund (Fondo Imprese). Programme allocation, not a deal; direct and indirect equity in strategic supply chain companies. S1	Fund commitment	Mining and metals	Growth	EUR 600M
2026	Real Asset Fund (Fondo Real Asset). Programme allocation, not a deal; property used by strategic supply chain firms via target funds. S1	Fund commitment	Real estate	Real estate	EUR 300M

Case studies

Launching a supply chain fund S1 S4

What: Split a EUR 900 million endowment into an enterprise vehicle and a real asset vehicle with two state-owned managers.
When: 2023 to 2026
Size: EUR 900M
Why: Give Italy a standing industrial policy tool for critical raw materials and strategic chains.
Outcome: Managers appointed and operations started on 22 July 2026.

Investment process

Each manager runs its vehicle under a management regulation and the decree. A Strategic Technical Committee at MIMIT names further priority chains; managers file an updated plan with the Ministry within 45 days of each annual report. S4

Committee	Role
Strategic Technical Committee (MIMIT)	Three MIMIT members (one chairs), two MEF, one each from the Environment, Foreign Affairs, Presidency and Regions, plus three experts; unpaid S4

Origination by the managers in priority supply chains. S1
Market-terms structuring with private co-investors. S4
Investment decision by the manager under its regulation. S4
Annual report and updated plan to the Ministry. S4

How to approach: Companies and co-investors approach the two managers; the ministry page gives programme details. S1

Size and returns

Headline size: EUR 900M (Committed or authorised capital, as of 2026-07-22) S1
In US dollars: about USD 1.06B. Converted at EUR 0.85106 per US dollar, the ECB rate for 31 December 2025.
Enterprise Fund endowment: EUR 600M (Committed or authorised capital, as of 2026-07-22) S1
Real Asset Fund endowment: EUR 300M (Committed or authorised capital, as of 2026-07-22) S1
Returns: the fund does not publish a return figure.

Leadership

Name	Title
Adolfo Urso	Minister of Enterprises and Made in Italy S1
Giancarlo Giorgetti	Minister of Economy and Finance S4

Governance and transparency

Legal basis: Law 206 of 27 December 2023, article 4; decree of 25 February 2025 S4 S2
Oversight: MIMIT and MEF; decree registered with the Court of Auditors S2
State aid measures are notified to the European Commission where needed. S4

Transparency score: 4.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

Published: asset allocation, geographic or sector split, governance and mandate documents. S4
Partly published: total assets, named leadership, regular reporting schedule. S1 S4
Not published: annual return, long-term returns, holdings or deal list, audited financial statements. S1

History

Date	Event
2023-12-27	Law 206 creates the fund. S4
2025-02-25	Implementing decree signed. S4
2025-05-15	Decree published. S2
2026-07-22	Managers appointed; operations begin. S1

For family offices

The decree names family offices among eligible co-investors in direct deals, so the fund can be a minority state partner alongside private capital. S4

Deal-level co-investment through the Enterprise Fund, with the state share capped at 50 percent. S4
Investment through special vehicles alongside private equity funds. S4

Reports

Implementing decree, Gazzetta Ufficiale n. 111 of 15 May 2025: https://www.gazzettaufficiale.it/eli/id/2025/05/15/25A02766/sg S2

Common questions

How large is the fund?

EUR 900 million: EUR 600 million for companies and EUR 300 million for real assets. S1

Who manages it?

Fondo Italiano d'Investimento runs the Enterprise Fund and Invimit the Real Asset Fund. S1

Can family offices co-invest?

Yes. The decree allows co-investment with family offices, strategic and financial investors. S4

What is the priority sector?

The critical raw materials value chain. S1

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Sources

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