Italy’s largest doctors’ pension fund, Enpam, is considering expanding investments in alternative asset managers Nextalia and Green Arrow Capital to strengthen its private equity portfolio and governance influence amid robust financial performance.
Italy’s largest doctors’ pension fund, Enpam, is considering expanding its investments in alternative asset managers Nextalia and Green Arrow Capital, reflecting a broader strategy to reinforce its private equity portfolio and governance involvement in these firms.
Enpam, with nearly €30 billion in assets under management, has engaged advisory firm LCG and consultancy PwC to explore potential increases in its stakes, as indicated in a document signed by its president, Alberto Oliveti. This move follows last year’s initial acquisition of a stake in Green Arrow Capital, which manages about €2.2 billion across various sectors including private equity, private credit, real estate, energy, and digital infrastructure.
Green Arrow plays a central role in overseeing Enpam’s real estate and infrastructure allocations. Founder and CEO Eugenio Blasio remains the dominant shareholder, with UBI Banca, now part of Intesa Sanpaolo, holding a 5% stake since 2020. This year, Green Arrow expanded its Italian footprint by acquiring DeA Capital from the De Agostini Group, consolidating management of funds across private equity, special situations, non-performing loans, and mandates. This merger created a larger group managing over €6 billion in assets.
Nextalia, a private equity-focused firm, is also under consideration for a stake increase by Enpam. The pension fund previously committed €50 million to Nextalia Credit Opportunities, €95 million across Nextalia Private Equity I and Nextalia Capitale Rilancio, and invested in Nextalia Venture Capital, reflecting a substantial commitment to the manager within its private equity portfolio. Nextalia is majority-owned (75%) by its founder and CEO Francesco Canzonieri, with Intesa Sanpaolo, Unipol Assicurazioni, and notable family offices such as the Gavio and Berlusconi families also holding stakes. Industry sources indicate that Nextalia aims to grow its assets under management to €3.5 billion within the next 18 months through its Private Equity II fund, confirming the firm’s growth ambitions.
Enpam is further exploring investment opportunities in BF International, affiliated with Bonifiche Ferraresi Group, demonstrating the pension fund’s interest in diversifying its investments within the Italian economy.
This strategic focus on alternative asset managers and private equity comes as part of Enpam’s overall robust financial performance in 2024. The fund reported a net profit of €1.11 billion, driven largely by its investment activities, which yielded a return of 7.65% net of management costs and gross of tax. This significantly outperformed earlier projections, reinforcing Enpam’s strong position with assets valued at €27 billion at book value and €29.3 billion at market value. As the outgoing governance team passes stewardship, the board emphasizes safeguarding long-term financial sustainability alongside increasing exposure to innovative sectors, including healthcare and real economy investments.
Enpam also maintains significant stakes in major Italian banks such as Intesa Sanpaolo and Banco BPM. President Oliveti has defended these positions against criticism, underscoring that investment decisions are geared toward securing pensions for doctors and dentists. The value of the fund’s holdings in these banks has notably appreciated, doubling in Intesa Sanpaolo’s case and quintuplicating for Banco BPM.
Alongside private equity, Enpam is pursuing the expansion of its global bond portfolio and strengthening private debt programmes, aspiring to achieve net positive cash flows from private markets starting in 2026. Part of these efforts includes divesting €842 million of real estate assets via Project Dream, while seeking collective investment undertakings to increase direct real estate investments focused on Italy. Enpam’s strategic asset allocation currently includes 2.5% in cash, 45% in bonds, 12% in equities, 10.5% in alternatives, and 30% in real assets, reflecting a diversified approach to portfolio management.
As Enpam deepens its involvement with Nextalia and Green Arrow, the pension fund is signaling a clear intent to bolster its influence in alternative asset management, leveraging these partnerships to enhance returns and governance influence while sustaining its commitment to the financial security of Italy’s medical professionals.
- https://www.ipe.com/news/enpam-eyes-bigger-bets-on-asset-managers-nextalia-and-green-arrow/10133789.article – Please view link – unable to able to access data
- https://www.ipe.com/news/italys-largest-pension-funds-outperform-in-2024-amid-governance-overhauls/10130477.article – In 2024, Italy’s largest first-pillar pension funds, including Enpam, reported strong financial performance, with Enpam achieving a net profit of €1.11 billion and assets under management (AUM) of €27 billion at book value and €29.3 billion at market value. Investment activities were the primary driver, generating nearly €1 billion in profits and delivering a return of 7.65%, net of management costs and gross of tax. The scheme had initially forecast a deficit for the year but instead recorded a €120 million surplus from contributions over pension payouts. Net returns from invested assets amounted to approximately €826 million. For 2025, Enpam is targeting €710 million in net investment returns. Enpam’s president, Alberto Oliveti, highlighted the positive results and the preparation for upcoming challenges. The 2024 results and 2025 outlook were the final approvals under the outgoing governance team, with the incoming board tasked with safeguarding long-term financial sustainability, further diversifying the portfolio, and increasing exposure to innovative technologies in the healthcare sector and Italy’s real economy.
- https://www.ipe.com/news/italian-pension-fund-defends-position-in-banking-manda-risk-game/10131914.article – Enpam, Italy’s largest private first-pillar pension fund, holds significant stakes in major Italian banks, including Intesa Sanpaolo and Banco BPM. Enpam’s president, Alberto Oliveti, addressed criticism regarding the fund’s banking exposure, emphasizing that its primary objective remains securing pensions for doctors and dentists. He noted that the value of Enpam’s investment in Intesa Sanpaolo had doubled, while its stake in Banco BPM had grown fivefold. Oliveti highlighted that the value of Enpam’s investments in Monte dei Paschi di Siena and Mediobanca had increased by €115 million, with half of this amount already collected, all in the best interest of doctors’ pensions.
- https://www.ipe.com/news/enpam-eyes-bigger-bets-on-asset-managers-nextalia-and-green-arrow/10133789.article – Enpam, Italy’s largest doctors’ pension fund with nearly €30 billion in assets under management, is considering increasing its stakes in alternative asset managers Nextalia and Green Arrow Capital. The pension fund has engaged advisory firm LCG and consultancy PwC to explore potential stake increases. This move follows Enpam’s previous investments in Green Arrow Capital, which manages €2.2 billion across private equity, private credit, real estate, energy, and digital infrastructure, and in Nextalia, a private equity firm. Enpam’s investments aim to reinforce its role in the governance of these asset managers and strengthen its private equity portfolio.
- https://www.ipe.com/news/italy-roundup-enpam-plans-to-build-up-global-bond-portfolio/10066458.article – Enpam, Italy’s largest private first-pillar pension fund, plans to expand its global bond portfolio and strengthen its private equity and private debt programmes. The pension fund aims to achieve net positive cash flows from private markets starting in 2026, with a peak in 2029 of around €600 million. Enpam has divested €842 million worth of real estate assets through its Project Dream and is now seeking collective investment undertakings to invest directly in real estate, focusing on Italy. The scheme’s strategic asset allocation includes 2.5% in cash, 45% in bonds, 12% in equities, 10.5% in alternatives, and 30% in real assets, with €25.35 billion in assets under management.
- https://www.ipe.com/news/italian-pension-fund-defends-position-in-banking-manda-risk-game/10131914.article – Enpam, Italy’s largest private first-pillar pension fund, holds significant stakes in major Italian banks, including Intesa Sanpaolo and Banco BPM. Enpam’s president, Alberto Oliveti, addressed criticism regarding the fund’s banking exposure, emphasizing that its primary objective remains securing pensions for doctors and dentists. He noted that the value of Enpam’s investment in Intesa Sanpaolo had doubled, while its stake in Banco BPM had grown fivefold. Oliveti highlighted that the value of Enpam’s investments in Monte dei Paschi di Siena and Mediobanca had increased by €115 million, with half of this amount already collected, all in the best interest of doctors’ pensions.
- https://www.ipe.com/news/italy-roundup-enpam-plans-to-build-up-global-bond-portfolio/10066458.article – Enpam, Italy’s largest private first-pillar pension fund, plans to expand its global bond portfolio and strengthen its private equity and private debt programmes. The pension fund aims to achieve net positive cash flows from private markets starting in 2026, with a peak in 2029 of around €600 million. Enpam has divested €842 million worth of real estate assets through its Project Dream and is now seeking collective investment undertakings to invest directly in real estate, focusing on Italy. The scheme’s strategic asset allocation includes 2.5% in cash, 45% in bonds, 12% in equities, 10.5% in alternatives, and 30% in real assets, with €25.35 billion in assets under management.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative is recent, with the latest developments in October 2024. The report includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. The earliest known publication date of substantially similar content is October 24, 2024. ([greenarrow-capital.com](https://www.greenarrow-capital.com/en/green-arrow-capital-enpam-becomes-a-new-strategic-partner/?utm_source=openai)) The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found.
Quotes check
Score:
9
Notes:
The direct quotes from Eugenio de Blasio and Francesco Canzonieri are unique to this report. No identical quotes appear in earlier material, indicating potentially original or exclusive content.
Source reliability
Score:
10
Notes:
The narrative originates from a reputable organisation, Green Arrow Capital, which is a leading platform in alternative and sustainable investments. ([greenarrow-capital.com](https://www.greenarrow-capital.com/en/green-arrow-capital-enpam-becomes-a-new-strategic-partner/?utm_source=openai))
Plausability check
Score:
9
Notes:
The claims about Enpam’s investments in Nextalia and Green Arrow Capital are plausible and align with recent developments. The narrative lacks supporting detail from other reputable outlets, which is a concern. The tone and language are consistent with corporate communications.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is recent and based on a press release from a reputable organisation, with unique quotes and plausible claims. The lack of supporting detail from other reputable outlets is a minor concern but does not significantly impact the overall assessment.