FOF Infrastructures: Vesper joins Telemaco as new subscriber

Vesper Infrastructure Partners' eighth investment, worth €35 million, specializes in the circular economy, digital infrastructure, and energy transition.

The supplementary pension fund for telecommunications workers joins as the seventh subscriber, with €20 million.

Rome December 27, 2025 - Eighth investment and new investor (the seventh) for FOF Infrastrutture, the fund of funds managed by CDP Real Asset SGR (CDP Group) launched in 2023 to support the development of the Italian infrastructure market. FOF has made a new investment of €35 million in Vesper Next Generation Infrastructure Fund I, promoted by Vesper Infrastructure Partners and – at the same time – registered its entry as a shareholder in the pension fund Telemaco, with a subscription of €20 million.

Investment in Vesper

The Vesper fund operates primarily through capital increases and aims to support companies active in key areas such as the circular economy, digital infrastructure, energy transition, and other infrastructure sectors (e.g., healthcare infrastructure or the decarbonization of transportation). The focus is on European small and medium-sized enterprises, with Italy among its primary target markets.

As of today, Vesper Next Generation Infrastructure Fund I has already made six investments worth over €300 million. Once fully operational, it plans a portfolio of approximately ten transactions, with a target size of €800 million.

Joining Vesper contributes to the diversification and balance of the FOF Infrastructure portfolio in terms of sectors, strategy and intervention tools, type of managers, and maturity of the target funds, which currently have commitments of over €270 million, equal to approximately 75% of the current financial allocation. Vesper in fact, is combined with Sustainable Securities Fund, Equiter Infrastructure II, Equita Green Impact Fund, EOS Energy Fund II, FIEE Energy Transition Fund III, Green Arrow Infrastructure of the Future and Tages Helios Net Zero.

The entrance of Telemaco

On the funding front, the FOF Infrastructure continues to attract new institutional investors. A new closing has been finalized, marking the entry of Telemaco, the supplementary fund for telecommunications workers.

Thanks to this contribution, and continuing discussions with leading institutional investors, the FOF's total funding has risen to approximately €373 million, against an expected funding target of €500 million.

Beyond CDP Equity, cornerstone investor and advisor of the fund, and Telemaco, other Italian pension funds are currently investors of the FOF - Arco (wood, cork, furniture, furnishing sector), Concreto (cement industry), Pegaso (local public services), Previambiente (environmental hygiene) - and the Fondazione di Sardegna.