– Temasek has acquired a 9% strategic minority stake in FSI SGR S.p.A. (FSI), the Italian growth equity investor managing approximately €5 billion.
– Temasek, the global investment company, has a portfolio of approximately S$518 billion (€350 billion) and will also commit additional capital to FSI’s future funds.
– The partnership builds on more than a decade of Temasek’s investment activity in Italy, including interests in Ermenegildo Zegna Group, Golden Goose and Moncler.
– Temasek has been a significant investor in FSI’s funds since 2018, including FSI I, FSI II and the 2026 Scale-up Capital Solutions fund targeting high-growth Italian SMEs.
– FSI I closed in 2019 and has completed eight exits across 11 portfolio companies, while FSI II closed in 2024 as Europe’s largest single-country fund dedicated to Italy.
– The strategic partnership is designed to give Temasek greater exposure to Italy’s mid-market, while strengthening FSI’s ability to attract international institutional capital to Italian companies.
– FSI will combine its local market knowledge, entrepreneur relationships and sourcing capabilities with Temasek’s long-term investment horizon, sector expertise and global network.
– The partnership will focus particularly on Italy’s founder- and family-owned mid-market companies, many of which are entering new growth or succession phases.
– FSI’s investment strategy is based on minority partnerships, limited leverage, transformational growth projects and sector specialisation, applied over 15 years of investing in Italian companies.
– Across its portfolio, FSI reports average annual revenue growth above 20%, EBITDA expansion of approximately 25%, a 20-percentage-point increase in international sales and significant job creation.
– FSI CEO and Managing Partner Maurizio Tamagnini described Temasek as a long-standing investor and said the partnership will support the next phase of FSI’s development.
– Temasek President of Global Investments Nagi Hamiyeh said the partnership extends Temasek’s Italian strategy into the mid-market, combining FSI’s local capabilities with Temasek’s global networks and sector expertise.
– FSI Chairman of the Investment Committee and Co-Managing Partner Barnaba Ravanne said the partnership should accelerate the international growth of FSI’s portfolio companies.
