CDP Equity

CDP Equity S.p.A. is an Italian strategic investment company within the Cassa Depositi e Prestiti group. It was established in 2011 as Fondo Strategico Italiano, or FSI, with the purpose of providing long-term capital to strategically important Italian companies. The vehicle was created during a period when Italian policymakers were concerned about the ability of domestic businesses to expand, obtain sufficient capital and remain under Italian influence while competing in global markets. Its creation was associated with the Italian government's interest in emulating strategic investment funds used in other European countries and followed concern generated by foreign takeover activity involving important Italian companies. The original mandate was narrower than that of a conventional private-equity fund. Investments were intended for financially sound, profitable Italian businesses with credible growth prospects that needed capital to expand, strengthen their balance sheets or compete internationally. The fund began with capital of approximately €1 billion, with 90% contributed by Cassa Depositi e Prestiti and 10% by Fintecna. CDP was prepared to make substantially larger resources available over time. This structure positioned FSI as a public-policy investment instrument rather than simply a commercial fund seeking short-term exits. During its first phase, FSI invested across sectors regarded as strategically relevant to Italy, including telecommunications infrastructure, pharmaceuticals and biotechnology, aerospace, energy, engineering and industrial manufacturing. Examples included support for the development of metropolitan fibre networks through the Metroweb structure and the acquisition of a minority position in biopharmaceutical company Kedrion. The fund also pursued or evaluated transactions involving companies such as Avio and Deoleo. These activities illustrated its role in mobilising capital for sectors where scale, infrastructure or national industrial capability were considered important. On 31 March 2016, Fondo Strategico Italiano was renamed CDP Equity. The rebranding aligned the investment company more clearly with the wider CDP group and its expanding role in strategic equity investments. In the same year, the Bank of Italy withdrew its 20% stake, leaving CDP as the central institutional sponsor. CDP Equity subsequently became involved in major infrastructure and industrial transactions, including the ownership structure of Open Fiber and the 2021 acquisition of control of Autostrade per l'Italia by a consortium involving CDP Equity, Blackstone and Macquarie. The modern portfolio spans infrastructure, energy transition, digital services, financial-market infrastructure, healthcare, industrial production, construction, tourism and technology. Holdings and affiliated investments include stakes in Fincantieri, Ansaldo Energia, Open Fiber, Autostrade per l'Italia, Nexi, Euronext, Saipem, Webuild, GreenIT, Kedrion and other companies. The portfolio includes both minority positions and substantial or controlling interests, reflecting the company's dual role as a strategic shareholder and a platform for public-private investment. CDP Equity also participates in joint ventures and investment platforms. In 2021 it joined Eni in creating GreenIT, focused on developing renewable-energy generation in Italy. Later cooperation with Copenhagen Infrastructure Partners extended this activity to floating offshore wind projects. In 2023, CDP Equity and other CDP Group entities signed a memorandum of understanding with Malaysia's Khazanah Nasional, indicating an effort to deepen international institutional-investor cooperation. CDP Equity remains an active, state-linked investment institution rather than a consumer-facing brand; its importance is measured by the companies, infrastructure systems and industrial capabilities in which it invests.

CDP Equity was created in 2011 under the name Fondo Strategico Italiano, commonly abbreviated FSI. The vehicle was established by Cassa Depositi e Prestiti, Italy's state-controlled promotional lender, following direction from the Italian economic authorities. Its creation reflected a policy objective: to give strategically important Italian companies access to patient capital so that they could expand, strengthen their competitive position and remain capable of operating on an international scale. The fund's original investment policy focused on healthy and profitable Italian businesses with solid growth prospects. This emphasis distinguished it from a rescue fund intended primarily for distressed companies. FSI was designed to make equity investments where additional capital could support expansion, industrial development or international competitiveness. Its starting capital was approximately €1 billion, contributed mainly by CDP with a smaller contribution from Fintecna. CDP also indicated that it could provide additional capital as the investment program developed. The establishment of FSI was influenced by European strategic-investment models and by concern over foreign acquisitions of important Italian companies. The fund's design gave the Italian state an indirect instrument for supporting domestic strategic assets without requiring direct operational management of every portfolio company. FSI also joined the International Forum of Sovereign Wealth Funds and subscribed to the Santiago Principles, linking its governance framework to internationally recognised principles for sovereign investment institutions. Early investments and proposed transactions covered a broad group of sectors. In 2012, FSI backed the development of fibre-optic infrastructure through the F2i telecommunications platform and acquired an 18.6% stake in the biopharmaceutical company Kedrion. It also agreed to acquire a stake in aerospace and aircraft-engine-parts company Avio, subject to the conditions described at the time. In 2014, it was reported to have made a non-binding offer for a minority stake in Spanish olive-oil producer Deoleo. These activities showed that the fund could support both domestic infrastructure and companies with international growth ambitions. The organisation changed its name to CDP Equity on 31 March 2016. The renaming made its connection to the CDP group more explicit. In August of the same year, the Bank of Italy withdrew its 20% interest. CDP Equity later became a central shareholder in Open Fiber, following the development and restructuring of the Italian fibre-network sector. In 2021, it increased its position in Open Fiber to 60% alongside Macquarie's 40% interest. CDP Equity's later investment profile expanded into infrastructure, industrial manufacturing, energy, digital services, healthcare and financial-market infrastructure. It became a substantial shareholder in Fincantieri and Ansaldo Energia and held positions in companies including Nexi, Euronext, Saipem, Webuild, Kedrion, GPI, GreenIT and Autostrade per l'Italia. The 2021 acquisition of Atlantia's stake in Autostrade per l'Italia by a consortium of CDP Equity, Blackstone and Macquarie was one of the company's most consequential transactions, placing a major national motorway operator under a new ownership structure. Energy transition became another important area. In March 2021, CDP Equity and Eni created GreenIT, a joint venture intended to develop solar and wind-generation projects in Italy. The platform subsequently worked with Copenhagen Infrastructure Partners on floating offshore wind projects, and additional investment resources were announced in 2023 for onshore, offshore and repowering projects. Through these activities, CDP Equity combined its strategic-investor role with the development of new infrastructure and decarbonisation capacity. The company also participates in investment-management platforms such as F2i, Fondo Italiano d'Investimento and CDP Venture Capital. In October 2023, CDP Equity and other CDP Group entities signed a memorandum of understanding with Khazanah Nasional, broadening the group's institutional-investment relationships beyond Italy. CDP Equity's current identity is therefore that of a state-linked strategic equity investor: it supports selected companies and infrastructure systems through minority, majority and joint-venture holdings, while operating as part of the wider CDP group rather than as a conventional consumer-facing financial brand.

1. 2023Floating offshore wind cooperation begins

   GreenIT and Copenhagen Infrastructure Partners start developing three floating wind projects off Italy.

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2. 2021Autostrade per l'Italia transaction closes

   CDP Equity joins Blackstone and Macquarie in acquiring Atlantia's 88% holding in Autostrade per l'Italia.

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3. 2021GreenIT is created

   CDP Equity and Eni establish a joint venture to develop renewable-energy projects in Italy.

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4. 2016The fund is renamed CDP Equity

   Fondo Strategico Italiano adopts the CDP Equity name, aligning the investment company with the CDP group.

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5. 2016Bank of Italy exits its holding

   The Bank of Italy withdraws its 20% stake in the investment company.

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6. 2012Initial infrastructure and healthcare investments

   The fund backs Italian fibre-optic infrastructure and acquires a minority position in biopharmaceutical company Kedrion.

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7. 2011Fondo Strategico Italiano is established

   Cassa Depositi e Prestiti establishes the strategic investment vehicle to provide long-term capital to competitive Italian companies considered important to national economic development.

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8. 2011Maurizio Tamagnini becomes chief executive

   Maurizio Tamagnini, previously an investment banker, is appointed chief executive of the newly created fund.

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A state-controlled strategic investment platform supporting Italian industrial competitiveness, infrastructure resilience, technological development and energy transition through long-term equity investments.

• Strategic equity investmentsInvestment management2011

  CDP Equity invests long-term capital in companies considered strategically significant for Italy. The portfolio includes minority, majority and controlling positions across infrastructure, industrial production, healthcare, technology, energy and financial services. The investment approach is intended to support expansion, competitiveness and resilience rather than provide short-term retail financial products.

• Infrastructure investment platformsInfrastructure finance2012

  The company invests in and helps structure platforms that develop essential networks and infrastructure. Its activities have included fibre-optic telecommunications through Open Fiber and motorway infrastructure through Autostrade per l'Italia. These investments place CDP Equity alongside industrial and institutional partners in assets with long operating lives and broad economic significance.

• GreenITRenewable energy2021

  GreenIT is a joint venture between CDP Equity and Eni focused on developing solar and wind-generation capacity in Italy. Its program includes onshore and offshore projects, repowering of existing facilities and exploration of floating offshore wind in cooperation with Copenhagen Infrastructure Partners.

• Portfolio-company growth capitalPrivate equity2011

  Through direct holdings and affiliated investment platforms, CDP Equity provides capital to companies in sectors such as shipbuilding, power equipment, engineering, construction, digital agriculture, healthcare technology, payments and tourism. The model combines financial participation with a strategic objective of helping selected businesses scale and compete internationally.

• 2023Expand GreenIT renewable-energy fundingStrategy

  The GreenIT platform was moving from initial formation toward the development and construction of multiple renewable-energy assets.

  What changed. Additional funding was agreed for onshore and offshore plants and for repowering existing renewable facilities.

  Aftermath. The decision increased the scale of GreenIT's planned renewable-energy development program in Italy.

  Additional agreed funding. €1.7 billion (2023)

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• 2021Acquire control of Autostrade per l'Italia with partnersM&A

  Atlantia agreed to sell its 88% interest in motorway operator Autostrade per l'Italia to a consortium of institutional and financial investors.

  What changed. CDP Equity joined Blackstone and Macquarie in the acquisition consortium and held 51% of the consortium's shares, while the other two partners each held 24.5%.

  Aftermath. The transaction placed CDP Equity at the centre of the new ownership structure of one of Italy's most important motorway operators.

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• 2021Launch GreenIT with EniProduct launch

  CDP Equity sought to expand its role in Italy's energy transition and renewable-generation infrastructure.

  What changed. CDP Equity and Eni formed GreenIT, with CDP Equity holding 49% and Eni holding 51%, to develop solar and wind projects.

  Aftermath. GreenIT later expanded its project-development activity to include floating offshore wind and additional investment for new and repowered facilities.

  Reported initial investment program. $957 million (2021)

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• 2016Rebrand as CDP EquityStrategy

  The strategic investment vehicle had become an important part of the broader CDP investment structure.

  What changed. Fondo Strategico Italiano changed its corporate name to CDP Equity.

  Aftermath. The new identity made the company's relationship with Cassa Depositi e Prestiti more visible and supported its integration into the CDP group brand architecture.

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• 2012Back fibre-optic network expansionStrategy

  Italy was seeking to improve high-speed connectivity in major cities, while the fund was building a portfolio of strategic infrastructure investments.

  What changed. Fondo Strategico Italiano committed initial capital through the F2i telecommunications structure to support a large fibre-optic development project and retained an option for additional funding.

  Aftermath. The investment contributed to the fund's later involvement in the restructuring and ownership of Open Fiber.

  Reported initial commitment. €200 million, with an option for a further €300 million (2012)

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• 2023GreenIT and Copenhagen Infrastructure Partners pursue floating wind projects

  GreenIT and Copenhagen Infrastructure Partners began work on three floating offshore wind projects in Italian waters.

  Product launch
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• 2023CDP Group entities sign memorandum with Khazanah Nasional

  CDP Equity and other CDP Group subsidiaries signed a memorandum of understanding with Malaysia's Khazanah Nasional to explore cooperation between the two institutional investment groups.

  Other
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• 2021CDP-led consortium acquires control of Autostrade per l'Italia

  A consortium comprising CDP Equity, Blackstone and Macquarie acquired Atlantia's 88% interest in Autostrade per l'Italia. CDP Equity held the majority share of the consortium.

  M&A
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• 2021CDP Equity and Eni launch GreenIT

  CDP Equity and Eni established GreenIT to develop renewable-energy projects in Italy, combining public strategic capital with an industrial energy partner.

  Product launch
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• 2016Fondo Strategico Italiano renamed CDP Equity

  The investment company adopted the CDP Equity name, bringing its identity closer to that of its parent group.

  Other
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• 2016Bank of Italy withdraws its stake in CDP Equity

  The Bank of Italy withdrew a 20% holding, further concentrating the ownership structure around Cassa Depositi e Prestiti.

  Other
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• 2016CDP Equity becomes an investor in Open Fiber

  Following the transfer of Metroweb to Enel Open Fiber, CDP Equity acquired a 50% position in Open Fiber and became a major institutional participant in Italy's fibre-network infrastructure.

  M&A
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• 2012Fondo Strategico Italiano supports Italian fibre-optic infrastructure

  The strategic fund committed initial backing through the F2i telecommunications structure for a project intended to extend fibre-optic connectivity across major Italian cities, with a further investment option also reported.

  Other
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• 2012Strategic fund acquires minority stake in Kedrion

  Fondo Strategico Italiano acquired a minority interest in biopharmaceutical company Kedrion and obtained an option connected with a possible larger investment.

  M&A
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1. CDP Equity