ENPACL
Also known as Ente Nazionale di Previdenza e Assistenza per i Consulenti del Lavoro
Rome pension fund of Italian labour consultants; €1.80bn assets at market value (end-2025); €216M illiquid alternatives incl. €150M to EIF AMUF funds and Finint Venture Capital I.
- HEADQUARTERS
- Rome, Italy
- FOUNDED
- —
- AUM
- €1.8B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 3 people
Focus
- STAGES
- SeedSeries AGrowthBuyout
- SECTORS
- —
- ASSET MIX
- Private equityVenture capitalPrivate creditReal estatePublic equitiesFunds (as LP)
- GEOGRAPHY
- ItalyEurope
Overview
Ente Nazionale di Previdenza e Assistenza per i Consulenti del Lavoro is the pension body of Italy’s labour consultants, based in Rome. At the end of 2025 its invested assets were €1.80bn at market value, including €216M of illiquid alternatives and €296M of real estate. It commits to private equity, venture capital, private debt and infrastructure funds — among them €90M to AMUF European Growth, €60M to AMUF EPE II and €50M to Finint Venture Capital I — and owns 99.22% of software and publishing company Teleconsul Editore.
PORTFOLIO (14)
- AMUF – European Growth (EIF; €90M commitment)
- AMUF – EPE II (EIF; €60M commitment)
- Finint Venture Capital I (€50M commitment)
- Armònia Italy Fund (€20M commitment)
- Armònia Italy Fund II (€20M commitment)
- Green Arrow Private Equity 3 (€10M commitment)
- Riello Italian Strategy (€10M commitment)
- Riello Linfa (€10M commitment)Food & Agriculture
- Panakès Fund Purple (€10M commitment)HealthTech
- CDP VenturItaly (€5M commitment)
- Finance for Food One (€5M commitment)Food & Agriculture
- PM & Partners Fund III (€5M commitment)
- Eurizon Iter (€10M commitment)
- Teleconsul Editore S.p.A. (99.22% subsidiary)Software & SaaS
People
Links
Frequently asked questions
ENPACL is a institutional investor based in Rome, Italy.
Yes. ENPACL invests its own capital in private companies. It also commits capital to third-party funds as an LP.
ENPACL invests at Seed, Series A, Growth and Buyout stages.
Key people at ENPACL include Stefano Dalla Mutta (President), Marco Bertucci (Vice-President) and Fabio Faretra (Director General).
ENPACL's investments include AMUF – European Growth (EIF; €90M commitment), AMUF – EPE II (EIF; €60M commitment), Finint Venture Capital I (€50M commitment), Armònia Italy Fund (€20M commitment), Armònia Italy Fund II (€20M commitment), Green Arrow Private Equity 3 (€10M commitment), Riello Italian Strategy (€10M commitment) and Riello Linfa (€10M commitment), among others.
No. ENPACL invests its own capital and does not raise money from outside investors.