Cassa Ragionieri
Also known as CNPR, Cassa Nazionale di Previdenza ed Assistenza a favore dei Ragionieri e Periti Commerciali
Rome pension fund of Italian ragionieri and periti commerciali; €2.74bn invested assets at market value (end-2025); LP in about 30 private equity, private debt and infrastructure funds.
- HEADQUARTERS
- Rome, Italy
- FOUNDED
- —
- AUM
- €2.7B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 2 people
Focus
- STAGES
- GrowthBuyout
- SECTORS
- —
- ASSET MIX
- Private equityPrivate creditReal estatePublic equities
- GEOGRAPHY
- ItalyEuropeGlobal
Overview
CNPR is the pension and welfare body of Italian ragionieri and periti commerciali, based in Rome, with 25,903 registered members (active, including working pensioners) at end-2025. Its invested assets were €2.58bn at book value and €2.74bn at market value at the end of 2025, mostly in segregated mandates, real-estate funds (including the wholly owned Fondo Scoiattolo), Italian government bonds and UCITS funds. Illiquid alternative funds (private equity, private debt and infrastructure) had a book value of €119.5M (about 4.9% of assets): 14 private equity funds, 12 infrastructure and renewable-energy funds and 6 private debt funds. In 2025 it committed €30M to three Italy-focused private equity funds (EOS Next Transition II, Arcadia Sustainable Capital III, Buy&Build Opportunities); in early 2026 it signed a further €10M commitment and mandated its advisor to select €30M more.
PORTFOLIO (20)
- EOS Next Transition II (fund commitment)since 2025
- Arcadia Sustainable Capital III (fund commitment)since 2025
- Buy&Build Opportunities (fund commitment)since 2025
- Lifestyle Fund II (fund commitment)
- Fondo Made in Italy (fund commitment)
- HAT Technology 4 (fund commitment)
- Gate Italian Strategy (fund commitment)
- Equinox III (fund commitment)
- Partners Group 2014 (fund commitment)
- Trilantic Capital Partners IV (fund commitment)
- EOS Energy Fund II (fund commitment)Climate & Energy
- Macquarie Super Core Infrastructure (fund commitment)
- Azimut Infrastrutture per la Crescita ESG (fund commitment)
- Green Arrow Italian Solar (fund commitment)Climate & Energy
- Clean Energy Infrastructure Fund IX (fund commitment)Climate & Energy
- Arcmont Direct Lending IV (fund commitment)
- CAPZA 6 Private Debt (fund commitment)
- ICG Senior Debt Partners (fund commitment)
- Anima Alternative 2 (fund commitment)
- Finint PMI Italia III (fund commitment)
People
Links
Frequently asked questions
Cassa Ragionieri is a institutional investor based in Rome, Italy.
Yes. Cassa Ragionieri invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Cassa Ragionieri invests at Growth and Buyout stages.
Key people at Cassa Ragionieri include Luigi Pagliuca (President) and Giuseppe Scolaro (Director General).
Cassa Ragionieri's investments include EOS Next Transition II (fund commitment), Arcadia Sustainable Capital III (fund commitment), Buy&Build Opportunities (fund commitment), Lifestyle Fund II (fund commitment), Fondo Made in Italy (fund commitment), HAT Technology 4 (fund commitment), Gate Italian Strategy (fund commitment) and Equinox III (fund commitment), among others.
No. Cassa Ragionieri invests its own capital and does not raise money from outside investors.