Cassa Depositi e Prestiti

CEO Dario Scannapieco oversees the entire institution, with investment decisions delegated to a professional investment committee rather than direct political control. CDP's structure separates the parent treasury function from specialized subsidiaries including CDP Equity for direct corporate investments and CDP Venture Capital SGR for venture and fund-of-funds activity. Scannapieco joined in 2021 after senior roles at the Italian Treasury and a decade at the European Investment Bank.

CDP collects retail deposits through Poste Italiane, creating a long-duration, low-cost liability pool that allows the institution to hold permanent equity stakes in regulated infrastructure assets without liquidity pressure. This funding structure — unique among European national promotional institutions — means CDP can behave as a truly patient capital provider while also recycling returns into new domestic and international deployments. The postal savings book is government-guaranteed, giving CDP a sovereign-adjacent cost of capital.

CDP's domestic mandate is dominant — Italian infrastructure, mid-market corporate equity, and urban regeneration constitute the bulk of the portfolio. However, the institution has expanded international co-financing platforms targeting Africa, the Balkans, and Latin America, often partnering with peer DFIs and sovereign funds. CDP Equity also holds international positions, including a stake in the Euronext exchange group (per CDP annual report, 2023).

CDP actively co-invests alongside sovereign peers, DFIs, and private fund managers, particularly in large-scale infrastructure and energy transition projects. The institution's size and government backing make it a preferred co-investor for global GPs seeking local operational partners in Italy. CDP Venture Capital SGR also operates as a fund-of-funds, anchoring Italian venture GPs and selectively co-investing in late-stage rounds of domestic startups.

CDP Equity serves as the dedicated direct equity arm, taking minority and majority stakes in Italian mid-market and large-cap companies, including listed positions such as Saipem. CDP Venture Capital SGR operates a separate mandate as both a fund-of-funds and direct venture platform, with a €200 million deep-tech vehicle launched in September 2023. The parent CDP entity retains the infrastructure portfolio, postal savings management, and the broader policy-lending function.

CDP's activity spans the full maturity spectrum. The infrastructure and real estate groups target operating assets and development projects. CDP Equity makes growth equity and buyout investments. CDP Venture Capital covers seed through late-stage venture, with sector focuses on deep-tech, energy transition, and digital infrastructure. The institution also provides credit enhancement and direct lending to Italian SMEs and municipalities through its traditional treasury function.

CDP does not publicly maintain an exclusion list, but its mandate effectively precludes investment in sectors inconsistent with Italian industrial policy or the EU's sustainable finance taxonomy. Unlike commercial asset managers, CDP is structurally constrained from purely opportunistic financial investments — every deployment must demonstrate strategic alignment with Italian economic development or the institution's international cooperation mandate.