Fon.Te
Also known as Fondo Fon.Te, Fondo Pensione Fon.Te, FON.TE – Fondo pensione complementare per i dipendenti da aziende del terziario
Rome-based occupational pension fund for Italy’s commerce, tourism and services sector (COVIP no. 123); €6.65bn net assets (end-2025); €187M in 32 directly held PE, debt, VC and infra funds.
- HEADQUARTERS
- Rome, Italy
- FOUNDED
- —
- AUM
- €6.6B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 3 people
Focus
- STAGES
- SeedSeries AGrowthBuyout
- SECTORS
- —
- ASSET MIX
- Private equityPrivate creditVenture capitalFunds (as LP)Public equities
- GEOGRAPHY
- ItalyEurope
Overview
Fon.Te is the contractual pension fund for employees of Italy’s tertiary sector (commerce, tourism and services), registered with COVIP under no. 123 and based in Rome. Its net assets were €6.65bn at 31 December 2025. Alongside mandates with external managers, it subscribes directly to closed-end alternative funds: at end-2025 these direct FIA holdings were worth €187.0M across private equity, private debt, infrastructure and venture capital, including Fondo Italiano d’Investimento’s FoF PEI and FoF PDI.
PORTFOLIO (32)
- Alto Capital Fund V – Alto Partners SGR
- Algebris Green Transition Fund
- Progressio Investimenti IV – Progressio SGR
- Xenon FIDEC – Xenon AIFM
- FSI II – FSI SGR
- Lifestyle Fund II – Quadrivio Group
- ITAF – Investindustrial
- FICC II – Fondo Italiano d’Investimento SGR
- Equinox IV – Equinox AIFM
- Metrika Fund II – Metrika SGR
- QuattroR MidCap – QuattroR SGR
- HAT Technology Fund 5 – HAT SGR
- FoF PEI (Private Equity Italia) – Fondo Italiano d’Investimento SGR
- FoF PDI (Private Debt Italia) – Fondo Italiano d’Investimento SGR
- Muzinich Diversified Credit II (Italy) – Muzinich & Co. SGR
- Azimut Diversified Corporate Credit ESG
- Tikehau TIRE II
- Anima Alternative 2 – Anima Alternative SGR
- Ver Capital Credit Partners SMEs – Ver Capital SGR
- P&G Italian InstantPA – P&G SGR
- Xgen Venture Life Science Fund – Xgen Venture SGR
- LINFA – Riello Investimenti SGR
- United Ventures III – United Ventures SGR
- Vertis Venture 6 Digital Sud – Vertis SGR
- Primo Climate – Primo Venture SGR
- Programma 103 – P101 SGR
- Neva II Italia – Neva SGR
- Algebris Climatech Fund I
- Fondo Infrastrutture per la Crescita – ESG – Azimut Libera Impresa SGR
- Green Arrow Infrastructure of the Future Fund – Green Arrow Capital SGR
- F2i Fondo per le infrastrutture sostenibili – F2i SGR
- Tages Helios Net Zero Fund – Tages Capital SGR
People
Links
Frequently asked questions
Fon.Te is a institutional investor based in Rome, Italy.
Fon.Te does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
Fon.Te invests at Seed, Series A, Growth and Buyout stages.
Key people at Fon.Te include Maurizio Grifoni (Chairman), Michele Carpinetti (Vice-Chairman) and Anna Maria Selvaggio (Director General (since 2017)).
Fon.Te's investments include Alto Capital Fund V – Alto Partners SGR, Algebris Green Transition Fund, Progressio Investimenti IV – Progressio SGR, Xenon FIDEC – Xenon AIFM, FSI II – FSI SGR, Lifestyle Fund II – Quadrivio Group, ITAF – Investindustrial and FICC II – Fondo Italiano d’Investimento SGR, among others.
No. Fon.Te invests its own capital and does not raise money from outside investors.