CDP reorganises Fondo Strategico Italiano: CDP Equity for long-term investments and FSI SGR for growth capital

The reorganisation of the operations of Fondo Strategico Italiano SpA (FSI) provided for in the 2016-2020 Business Plan of the CDP Group is taking shape.

The Shareholders’ Meeting of FSI approved the new corporate organisation and governance arrangements, which envisage a name change to CDP Equity SpA, which will work with the Parent Company, CDP, in managing long-term investments in large strategically important enterprises. CDP Equity’s portfolio will include Ansaldo Energia, Metroweb, Saipem and SIA.

FSI SGR SpA was also formed in order to support the growth plans of medium and large companies with significant prospects for development, including by attracting growth capital from private investors in Italy and abroad. The company, which is currently 100% owned by CDP, will seek out other shareholders and management as investors (even reducing CDP’s interest below 50%) and it will apply for authorisation to sponsor and manage an initial closed-end fund focusing on investment to expand companies with strong growth potential.

In concomitance with these developments, the governance arrangements were defined for CDP Equity, FSI SGR and FSI Investimenti, the latter held by CDP Equity (the former Fondo Strategico Italiano SpA) and the Kuwait sovereign fund (KIA), which will manage and develop the investments in its portfolio. More specifically:

• CDP Equity. The Company’s shareholders appointed the new Board of Directors, consisting of: Leone Pattofatto, Chairman; Guido Rivolta, Chief Executive Officer; and Simonetta Iarlori, Director.
• FSI SGR. The Board is made up of Claudio Costamagna, Chairman; Maurizio Tamagnini, Chief Executive Officer; and Rosalba Casiraghi, Director.
• FSI Investimenti. The shareholders appointed the new Board, composed of: Maurizio Tamagnini, Chairman; Guido Rivolta, Chief Executive Officer; and Simonetta Iarlori, Director