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Institutional LPInvests through funds, not into companiesLAST VERIFIED Oct 2026 · 5 SOURCES

Foncer

Also known as Foncer Fondo Pensione, Fondo pensione della ceramica e dei materiali refrattari

Sassuolo-based occupational pension fund of Italy’s ceramics and refractories sector (COVIP no. 107); €627M net assets (end-2025); €38M private equity and €18M infrastructure fund programmes.

HEADQUARTERS
Sassuolo, Italy
FOUNDED
—
AUM
€626.7M (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
3 people

Focus

STAGES
GrowthBuyout
SECTORS
—
ASSET MIX
Private equityVenture capitalFunds (as LP)Public equities
GEOGRAPHY
ItalyEurope

Overview

Foncer is the contractual defined-contribution pension fund for workers in Italy’s ceramics and refractory-materials industry, registered with COVIP under no. 107 and based in Sassuolo. Its net assets were about €626.7M at 31 December 2025. Its Bilanciato compartment targets 9% in private assets: a €38M private equity mandate run by Neuberger Berman since 2020 (11 funds) and an €18M infrastructure mandate run by Eurizon Capital Real Asset SGR since 2023 (8 funds). In 2025 it also committed €1.45M to the Italian venture fund Kairos Venture Two.

PORTFOLIO (4)

  • Kairos Venture Two (€1.45M commitment, venture capital FIA)
    since 2025
  • NB Renaissance Partners III SCSp (via Neuberger Berman PE mandate)
  • NB Strategic Co-Investment Partners IV (via Neuberger Berman PE mandate)
  • NB Aurora SA SICAF-RAIF (via Neuberger Berman PE mandate)

People

  • Giacomo Giovanardi
    Chairman · source
  • Massimo Guerranti
    Vice-Chairman · source
  • David Galliano
    Director General (head of finance function) · source

Links

Frequently asked questions

Foncer is a institutional investor based in Sassuolo, Italy.

Foncer does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.

Foncer invests at Growth and Buyout stages.

Key people at Foncer include Giacomo Giovanardi (Chairman), Massimo Guerranti (Vice-Chairman) and David Galliano (Director General (head of finance function)).

Foncer's investments include Kairos Venture Two (€1.45M commitment, venture capital FIA), NB Renaissance Partners III SCSp (via Neuberger Berman PE mandate), NB Strategic Co-Investment Partners IV (via Neuberger Berman PE mandate) and NB Aurora SA SICAF-RAIF (via Neuberger Berman PE mandate).

No. Foncer invests its own capital and does not raise money from outside investors.