CDP Equity
Italian Investment Fund
From Wikipedia, the free encyclopedia
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.
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| |
Native name | Cassa Depositi e Prestiti Equity S.p.A. |
|---|---|
| Formerly | Fondo Strategico Italiano S.p.A. |
| Company type | Società per azioni |
| Industry | Financial services |
| Founded | 2011 |
| Founder | Cassa Depositi e Prestiti |
| Headquarters | Palazzo Busca, , |
Area served | Italy |
Key people | |
| Services | Merchant bank |
 €249.446 million (2014) | |
| Total assets | €5.564 billion (2014) |
| Total equity | €4.833 billion (2014) |
| Owner | Cassa Depositi e Prestiti (100%) |
| Parent | CDP Group |
| Subsidiaries | Open Fiber Ansaldo Energia Fincantieri |
| Website | www |
| Footnotes / references In separate financial statements[1] | |
History
The fund was established in 2011 as Fondo Strategico Italiano.[2]: 25 Its mandate was to invest in strategic Italian companies to help them to compete globally.[2]: 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.[3] 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.[3]
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.[4]
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.[5][6][7]
In September 2011, Maurizio Tamagnini, formerly a top investment banker at Merrill Lynch, was hired as the CEO of the fund.[4] 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.[8]
On 31 March 2016, Fondo Strategico Italiano was renamed into CDP Equity.[9]
On 5 August 2016, Bank of Italy withdrew its 20% stake from CDP Equity.[10]
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%.[11][12]
CDP Equity, together with other CDP Group subsidiaries signed a memorandum of understanding (MoU) with Khazanah Nasional in October 2023.[13]
CDP Equity holds a majority of the shares in power generation equipment supplier Ansaldo Energia as well as in shipbuilding group Fincantieri.[14][15][16]
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.[17]
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.[18]
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.[19] In November 2012, Prime Minister Mario Monti, signed with the Government of Qatar a €2 billion development project; the main investor is Qatar Holding.[20]
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.[21]
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.[22][23][24] 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%.[25][26]
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.[27][28] In March 2023, Green IT and Copenhagen Infrastructure Partners began developing three floating wind projects off the coast of Italy.[29] 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.[30][31][32]
