Four Italian retirement plans are searching for a private debt manager to manage a €195 million ($236 million) allocation, according to Andrea Mariani, director at Fondo Pensione Pegaso, Rome.
Fondo Gomma Plastica, Milan, Italy; Fondo Pensione Complementare per i dipendenti del Gruppo ENEL, Rome; Fondo Pensione Pegaso; and Previmoda Fondo Pensione, Milan, will allocate €20 million, €95 million, €40 million and €40 million, respectively. The four funds have €6.5 billion in combined assets. In each portfolio private debt has a weight of between 3% and 4%, Mr. Mariani said.
The four funds have joined together to share costs and jointly access more favorable fees, according to a notice on Fondo Gomma Plastica's website.
The chosen manager will offer direct lending senior secured or unitranche strategies, with investments focused in the European Union including Iceland, Liechtenstein and Norway and the Italian market. The funds may look to diversify into the U.S. market.
The funds expect to chose a manager in March. The allocation is expected to be funded in the second half of 2021.
European Investment Consulting is assisting with the search.