Investment Strategy
Cassa Depositi e Prestiti is Italy’s national development institution, with roots dating back to 1850. Funded primarily by Italian postal savings deposits, CDP manages over $400 billion in total assets and plays a central role in financing Italian infrastructure, economic development, and international cooperation. CDP Equity, the institution’s direct equity investment arm, manages a substantial portfolio of strategic equity holdings in Italian companies alongside an active fund investment program that supports the Italian private equity and venture capital ecosystem.
CDP Equity’s fund investment activities are multifaceted. The institution manages the Fondo Italiano di Investimento (Italian Fund of Funds), which invests in Italian-focused private equity and growth capital funds. CDP Venture Capital, another subsidiary, manages fund-of-funds vehicles that support the Italian startup ecosystem through investments in venture capital and technology transfer funds. Additionally, CDP Equity makes direct commitments to infrastructure and real estate funds, both domestically and internationally.
The institution’s investment approach reflects its dual mandate of generating financial returns and promoting Italian economic development. CDP Equity evaluates fund opportunities based on their potential to support Italian businesses, create employment, develop infrastructure, and strengthen the country’s competitiveness. The institution has been particularly active in supporting the development of Italy’s venture capital ecosystem, which has lagged behind other major European markets. Through CDP Venture Capital and related initiatives, the institution is working to catalyze a self-sustaining Italian innovation finance ecosystem.
How to Approach
Fund managers seeking investment from CDP Equity should demonstrate alignment with the institution’s mandate to support Italian economic development. Funds with an Italian focus, significant portfolio company operations in Italy, or strategies that address key Italian economic challenges are well positioned for engagement. The institution is particularly interested in venture capital, growth equity, and infrastructure funds that can contribute to Italian competitiveness and innovation.
CDP Equity’s investment teams are based in Rome and engage through formal application processes and institutional networks. The institution participates in major European private equity and venture capital conferences and maintains relationships with industry associations and intermediaries. Managers should be prepared for comprehensive due diligence that evaluates both investment merit and development impact, with particular attention to the fund’s potential contribution to the Italian economy.
Frequently Asked Questions
What is CDP Equity?
CDP Equity is the direct and indirect equity investment vehicle of Cassa Depositi e Prestiti (CDP), Italy's national development institution. CDP manages over $400 billion in total assets, with CDP Equity focused on strategic equity investments in Italian companies, infrastructure projects, and private equity and venture capital fund commitments.
How does CDP Equity invest in funds?
CDP Equity invests in private equity, venture capital, and infrastructure funds as part of its broader mandate to support Italian economic development. The institution manages several fund-of-funds vehicles including the Italian Fund of Funds (Fondo Italiano di Investimento) and CDP Venture Capital, which support the Italian private equity and startup ecosystem.
What is CDP's role in Italian economic development?
CDP is Italy's national development institution, funded primarily by postal savings deposits. Through CDP Equity and other subsidiaries, it makes strategic investments in Italian companies, infrastructure, and real estate, while also managing development finance through SIMEST and SACE. CDP plays a central role in channeling savings toward productive investment in the Italian economy.
