A consortium of four Italian industry-wide defined contribution (DC) pension funds has launched a search for a private debt manager.
The initiative, called Progetto Zefiro (Project Zephyr), is the first time Italian industry-wide DC funds, collectively known as ‘fondi negoziali’, form a group to invest in private debt.
The four funds have committed €195m in total, split as follows:
• Fondo Gomma Plastica, the fund for employees of the rubber and plastics industry - €20m
• Fopen, the fund for employees of energy group ENEL - €95m
• Pegaso, the fund for the utilities sector - €40m
• Previmoda, the fund for the fashion and textile sector - €40m