Fondazione ENPAM
Also known as ENPAM, Ente Nazionale di Previdenza ed Assistenza dei Medici e degli Odontoiatri, Fondazione E.N.P.A.M.
Rome pension foundation of Italian doctors and dentists; €31.3bn net assets at market value (end-2025); commits to Italian PE, VC and private debt funds and holds direct stakes.
- HEADQUARTERS
- Rome, Italy
- FOUNDED
- —
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 5 people
Focus
- STAGES
- SeedSeries AGrowthBuyout
- SECTORS
- —
- ASSET MIX
- Private equityVenture capitalPrivate creditReal estatePublic equitiesFunds (as LP)
- GEOGRAPHY
- ItalyGlobal
Overview
Fondazione ENPAM is the national pension and welfare body of Italian doctors and dentists, based in Rome. At the end of 2025 its net assets were €27.66bn at book value and about €31.34bn at market value, with a financial portfolio of €22.8bn at market value, of which 13.6% in private-market funds, and real assets (mostly real-estate funds) of about 22% of total assets. It selects private equity, venture capital, private debt, infrastructure and real-estate fund managers through published investment projects, with new selections focused on Italy, and also holds direct stakes such as Banca d’Italia, Banca del Fucino and Nextalia SGR.
Investment thesis
Closed-end AIFMD funds with a mainly Italian focus (at least 70% Italy in recent calls): buyout/growth private equity, venture capital (direct funds or funds of funds), senior private debt and infrastructure; first-time funds/teams excluded when both apply.
PORTFOLIO (14)
- Aksia Capital IV (€60M commitment)since 2025
- Nextalia Flexible Capital (€60M commitment)since 2025
- Riello Buy&Build Opportunities (€30M commitment)since 2025
- Gradiente III (€15M commitment)since 2025
- IGI Sustainable Transition Fund IV (€15M commitment)since 2025
- CDP Venture Capital – Fondo di Fondi VenturItaly II, Comparto Previdentia (€50M re-up)since 2025
- Three Hills The Impact Fund I (€40M commitment)since 2025
- Ambienta Sustainable Credit Opportunities (€40M commitment)since 2025
- Nextalia Credit Solutions (€40M commitment)since 2025
- Pemberton V (€45M re-up)since 2025
- F2i Infra Credit Fund II ITA PIR (€25M re-up)since 2025
- Banca del Fucino (capital increases, €12M in 2025)Fintech
- Nextalia SGR (capital increase, €6M in 2025)
- BF International – Best Fields Best Food Ltd (Bonifiche Ferraresi group, €20M)Food & Agriculture · since 2025
People
Links
Frequently asked questions
Fondazione ENPAM is a institutional investor based in Rome, Italy.
Yes. Fondazione ENPAM invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Fondazione ENPAM invests at Seed, Series A, Growth and Buyout stages.
Key people at Fondazione ENPAM include Alberto Oliveti (President), Silvestro Scotti (Vice-President (vicario)), Luigi Mario Daleffe (Vice-President) and Vittorio Pulci (Director General).
Fondazione ENPAM's investments include Aksia Capital IV (€60M commitment), Nextalia Flexible Capital (€60M commitment), Riello Buy&Build Opportunities (€30M commitment), Gradiente III (€15M commitment), IGI Sustainable Transition Fund IV (€15M commitment), CDP Venture Capital – Fondo di Fondi VenturItaly II, Comparto Previdentia (€50M re-up), Three Hills The Impact Fund I (€40M commitment) and Ambienta Sustainable Credit Opportunities (€40M commitment), among others.
Fondazione ENPAM states that it accepts submissions through its official contact page.
No. Fondazione ENPAM invests its own capital and does not raise money from outside investors.