Fondazione Cassa di Risparmio della Provincia dell'Aquila

The foundation's governance rests with a Board of Directors chaired by President Fabrizio Marinelli. Day-to-day administration is led by Secretary General David Iagnemma. Investment policy is typically set at the board level with external asset managers executing specific mandates. Like most Italian banking foundations, Carispaq outsources the majority of its portfolio management to professional asset managers selected through public procurement procedures.

The foundation's capital originated from the reserves of Cassa di Risparmio della Provincia dell'Aquila when the bank's commercial operations were separated in 1992. Today, the portfolio generates returns from a diversified mix of financial assets including fixed income, public equities, and fund investments, supplemented by direct income from commercial real estate properties in central L'Aquila. The foundation is a member of ACRI, which provides peer benchmarking and pooled investment vehicles for member foundations.

Italian banking-origin foundations occupy a distinct legal category. They are private, non-profit entities created by parliamentary statute, not by donor intent. Their geographic mission is legally defined and cannot be moved, and they are subject to specific regulatory oversight rather than general charity law. Fondazione Carispaq must direct all grant-making activity to the Province of L'Aquila by statute, a constraint private foundations do not face.

The foundation primarily invests through external fund vehicles and does not operate as a direct private equity investor. Its mandate emphasizes capital preservation and stable income generation to fund annual grant disbursements, which favors liquid public markets, fixed income, and real estate over venture-style direct investing. Any alternatives exposure would likely come through ACRI-negotiated fund-of-fund structures rather than proprietary deal-by-deal selection.

Grant-making focuses on culture, education, social welfare, and local development within the Province of L'Aquila. The foundation maintains and programs the Auditorium Fondazione Carispaq as a cultural performance space and distributes funds to arts organizations, youth sports clubs, and civic initiatives. Following the 2009 L'Aquila earthquake, the foundation played a significant role in funding cultural reconstruction alongside government efforts.

ACRI (Associazione di Fondazioni e di Casse di Risparmio Spa) is the national trade association for Italy's 86 banking-origin foundations. Fondazione Carispaq is a member, which grants it access to ACRI's pooled investment vehicles, policy advocacy, and an annual benchmark report that allows smaller foundations to compare expense ratios and asset allocation against peers. ACRI membership is effectively universal among Italian banking foundations.

The foundation directly owns three historic properties in L'Aquila: the former Cassa di Risparmio headquarters on Corso Vittorio Emanuele II, the Palazzo dei Combattenti, and the Palazzo Alfieri de Torres. The Palazzo dei Combattenti also houses the Auditorium Fondazione Carispaq, which the foundation operates as a dedicated cultural venue. These properties generate rental and programming income while serving as symbolic anchors of the foundation's civic role.