Fondo Pensione Previndai, Rome, is searching for managers to run closed-end alternative strategies covering infrastructure, private equity and direct lending.
A notice on the €11 billion ($12.9 billion) pension fund's website said the searches apply to its two financial portfolios: the €1.2 billion Bilanciato, or balanced, portfolio and the €734 million Sviluppo, or development, portfolio. The remainder of the fund is made up of insurance portfolios.
The strategic asset allocation has a 10% exposure to illiquid alternatives, to be allocated to each of the two financial portfolios with specific weightings: a 4% exposure to Italian infrastructure equity; 3% allocation to global direct lending; and 1% each to global infrastructure equity, global private equity and Italian private equity. Further details on whether the search is for the entire 10% allocation could not be learned by press time.
The fund intends to allocate assets to between one and three Italian infrastructure equity strategies; up to two global direct lending strategies and Italian private equity funds; one global infrastructure equity strategy; and one global private equity fund. Allocation sizes and splits could not be learned.
The fund's board of directors decided July 11 to launch a search for closed-end alternative investment funds.
Proposals are due Oct. 4. A hiring date was not provided.
Spokesmen could not be reached for comment.