ENPAV
Also known as Ente Nazionale di Previdenza ed Assistenza Veterinari, Enpav
Rome pension fund of Italian veterinarians; total assets about €1.5bn (end-2025); LP in Italian and international private equity, private debt and infrastructure funds.
- HEADQUARTERS
- Rome, Italy
- FOUNDED
- —
- AUM
- €1.5B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 2 people
Focus
- STAGES
- GrowthBuyout
- SECTORS
- —
- ASSET MIX
- Private equityVenture capitalPrivate creditReal estatePublic equities
- GEOGRAPHY
- ItalyEuropeGlobal
Overview
ENPAV is the pension and welfare body of Italian veterinarians, based in Rome. Its total assets reached about €1.5bn at the end of 2025. The Corte dei conti report on its 2022 accounts lists private equity funds (€37.4M book value), private debt and minibond funds (€46.0M) and infrastructure funds (€10.1M), mostly with Italian managers.
PORTFOLIO (19)
- Alto Capital IV and Alto Capital V – Alto Partners SGR (€2M invested in Alto Capital V)
- Arcadia Small Cap II – Arcadia SGR
- Assietta Private Equity IV – Assietta SGR
- GlobalInvest – Azimut/Hamilton Lane
- FAI Mercati Privati Europei – Tikehau
- LGT Multi Alternatives
- Lumen Ventures
- Neuberger Berman Euro Crossroads 2018
- Riello – Fondo Italian Strategy
- Russell Private Market Fund II
- NEMO IV
- Swan Cap Private Equity Opportunities III and IV
- Trilantic Capital Partners IV
- Yarpa SGR – Fondo Epsilon and Fondo Zeta
- Zenit SGR – Fondo Progetto Italia 4.0
- EOS Energy Fund II
- Muzinich – Diversified Enterprises Credit II (€10M commitment)
- Zenit SGR – Progetto Minibond Italia (€10M commitment)
- Macquarie Super Core Infrastructure
People
Links
Frequently asked questions
ENPAV is a institutional investor based in Rome, Italy.
ENPAV does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
ENPAV invests at Growth and Buyout stages.
Key people at ENPAV include Oscar Enrico Gandola (President) and Gianni Mancuso (Vice-President).
ENPAV's investments include Alto Capital IV and Alto Capital V – Alto Partners SGR (€2M invested in Alto Capital V), Arcadia Small Cap II – Arcadia SGR, Assietta Private Equity IV – Assietta SGR, GlobalInvest – Azimut/Hamilton Lane, FAI Mercati Privati Europei – Tikehau, LGT Multi Alternatives, Lumen Ventures and Neuberger Berman Euro Crossroads 2018, among others.
No. ENPAV invests its own capital and does not raise money from outside investors.