Fondazione Cariplo
Also known as Fondazione Cassa di Risparmio delle Provincie Lombarde
Milan banking foundation; €13.05bn assets at market value (end-2025); commits to Italian VC, PE, infrastructure and impact funds alongside a 5.5% Intesa Sanpaolo stake.
- HEADQUARTERS
- Milan, Italy
- FOUNDED
- 1991
- AUM
- €13B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 3 people
FOCUS
- STAGES
- SeedSeries AGrowthBuyout
- SECTORS
- —
- ASSET MIX
- Venture capitalPrivate equityPrivate creditReal estateImpactPublic equities
- GEOGRAPHY
- ItalyEurope
WHAT IT IS
Institutional LP. Pension funds, endowments, foundations and sovereign funds that commit capital to funds and, sometimes, directly.
ABOUT
Fondazione Cariplo is the Milan foundation of banking origin created in 1991 from the former Cassa di Risparmio delle Provincie Lombarde. At 31 December 2025 its assets at market value were €13.05bn, mainly units of Quaestio Alternative Fund One (managed by Quaestio Capital Management SGR, in which it holds 43.98% via Quaestio Holding) and a 5.52% stake in Intesa Sanpaolo. It holds direct commitments to closed-end funds, including Indaco Venture 1, TT Venture, Nextalia Private Equity, FSI Mid Market Growth Equity and several F2i infrastructure funds, and committed €40M to GDA Impact SCSp. In 2025 it reported €187.2M of philanthropic activity.
PORTFOLIO (20)
- Indaco Venture 1 (Indaco Venture Partners SGR; €20.1M commitment)Deep Tech · since 2018
- TT Venture (Indaco Venture Partners SGR; €10M commitment)
- Innogest Capital II (Origine SGR; €1M commitment)
- GDA Impact SCSp (GDA Venture; €40M commitment)since 2024
- Nextalia Private Equity (Nextalia SGR; €5M commitment)since 2022
- FSI Mid Market Growth Equity Fund (FSI SGR; €14M commitment)
- Fondo Consolidamento e Crescita (Fondo Italiano d’Investimento SGR; €10M commitment)since 2017
- NB Renaissance Partners Annex (Neuberger Berman; €10M commitment)
- Fondo Fondamenta II (Green Arrow Capital SGR; €70M commitment)
- Fondo Microfinanza 1 (Green Arrow Capital SGR; €70M commitment)
- Tages Helios (Tages Capital SGR; €10M commitment)
- Terzo Fondo F2i (F2i SGR; €137.8M commitment)
- F2i Fondo per le Infrastrutture Sostenibili (€25M commitment)
- F2i Infrastructure Debt Fund 1 (€25M commitment)
- F2i Rete Digitale (€35M commitment)since 2024
- Infrastrutture per la Crescita ESG (Azimut Libera Impresa SGR; €5M commitment)since 2021
- Futura Invest S.p.A. (48.585% stake; private-equity holding)
- F2i SGR (7.284% stake)
- Intesa Sanpaolo (5.521% stake)Fintech
- Cassa Depositi e Prestiti (1.699% stake)
TEAM
LINKS
FAQ
Fondazione Cariplo is a institutional investor based in Milan, Italy, founded in 1991.
Yes. Fondazione Cariplo invests directly in private companies. It also commits capital to third-party funds as an LP.
Fondazione Cariplo invests at Seed, Series A, Growth and Buyout stages.
Key people at Fondazione Cariplo include Giovanni Azzone (President), Sergio Urbani (General Manager and CEO) and Francesco Pierotti (Deputy General Manager).
Fondazione Cariplo's investments include Indaco Venture 1 (Indaco Venture Partners SGR; €20.1M commitment), TT Venture (Indaco Venture Partners SGR; €10M commitment), Innogest Capital II (Origine SGR; €1M commitment), GDA Impact SCSp (GDA Venture; €40M commitment), Nextalia Private Equity (Nextalia SGR; €5M commitment), FSI Mid Market Growth Equity Fund (FSI SGR; €14M commitment), Fondo Consolidamento e Crescita (Fondo Italiano d’Investimento SGR; €10M commitment) and NB Renaissance Partners Annex (Neuberger Berman; €10M commitment), among others.
No. Fondazione Cariplo invests its own capital and does not raise money from outside investors.