Inarcassa, Rome, committed €60 million ($67.8 million) to a real estate fund managed by COIMA SGR, according to Alfredo Granata, CIO of the pension fund.
The Italian pension fund for architects has €11.4 billion in assets and was one of three seed investors for the COIMA ESG City Impact fund, a news release by COIMA said.
The open-end fund, which aims to regenerate urban areas of Italy, also allows co-investments. COIMA said it intends to raise €1.5 billion.
Other seed investors were the €13 billion Cassa Forense, Rome, the pension fund for lawyers; and the €8.8 billion Cassa Commercialisti, Rome, which is the pension fund for chartered accountants in Italy. In total, the three pension funds committed €400 million, COIMA said. Details of the commitments by Cassa Forense and Cassa Commercialisti could not be learned.
"As a chartered accountants' fund we immediately believed in this project which, in light of what is happening, becomes even more strategic for the revitalization of the (Italian) economy," Walter Anedda, president of Cassa Commercialisti said in the release.
Mr. Anedda said the fund is particularly useful for institutional investors who, in addition to further diversifying their assets, have the opportunity to contribute to the overall economic recovery in Italy.