Several Italian pension funds, including the Pegaso Pension Fund, Foncer, Gomma Plastica and Previmoda, have approved a joint investment in listed Italian small and medium-sized enterprises (SMEs), with an €82m mandate awarded to Anima Sgr. 

The investment stemmed from the desire to enhance a market segment that, despite showing impressive performance in recent years, remains underserved compared to the main European markets.

Indeed, the funds involved suggested that investing in SMEs not only directly supports the real economy and employment, but also contributes to the sustainability of the pension system and stimulates the interest of additional Italian and foreign institutional investors.

The group also highlighted this project, which will be managed by Prometeia Advisor Sim as financial advisor, as evidence that pension funds are broadening their scope.

Plans for the project were initially announced in September 2024 and have required extensive investigation, including tax considerations, to qualify for the legal benefits.

But despite some regulatory complexities, linked to recent changes introduced by the Competition Decree and subsequently by the Economy Decree, the group highlighted the transaction as an "important step", noting that, for the first time, Italian pension funds are working together in a structured way to support listed SMEs, creating value for their members and the country's economic system.

In particular, the joint investment aims to diversify sources of income and improve the profitability of pension funds; benefit from the tax breaks on returns provided by law; and promote corporate sustainability through engagement activities geared toward achieving environmental, social, and governance objectives.

The consortium approach is also expected to prove helpful, providing greater critical mass, in turn ensuring greater influence in the corporate governance of investee companies and more effective engagement.

In addition to this, the group said that the creation of a specific mandate facilitates medium- to long-term investment maintenance (at least five years), which is consistent with the funds' pension-related nature.

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