Fondazione Carispaq

Investment oversight sits with the Board of Directors under President Fabrizio Marinelli. Day-to-day financial management is handled by the administrative structure led by Secretary General David Iagnemma. The foundation's portfolio is conservatively managed, primarily through external asset managers and fixed-income allocations. Specific investment committee members are not publicly disclosed.

The foundation generates grantmaking funds almost entirely from investment income on its endowment portfolio — predominantly fixed-income instruments and government bonds — plus rental revenue from its directly owned commercial and cultural real estate assets in L'Aquila. It does not fundraise publicly and does not accept external donations as a primary source. The endowment itself originated from the 1992 spin-off of Cassa di Risparmio della Provincia dell'Aquila's banking reserves.

No. Fondazione Carispaq is a grantmaking foundation, not a venture investor or fund allocator. Its financial assets are managed for income generation rather than equity appreciation, and it does not participate in direct company investments, co-investments, or venture capital fund commitments. Its capital deployment takes the form of grants to local nonprofits, cultural institutions, and social initiatives.

Fondazione Carispaq is the legal successor to the charitable function of the original Cassa di Risparmio della Provincia dell'Aquila, a regional savings bank. Following Italy's 1990 banking reform (Legge Amato), the bank's commercial operations were separated and eventually sold, while the foundation retained the endowment and real estate portfolio. The foundation no longer holds any ownership stake in the bank and operates independently as a non-profit entity.

The 2009 earthquake caused extensive damage to L'Aquila's historic center, including properties owned by the foundation. In the aftermath, Fondazione Carispaq redirected significant grant-making resources toward reconstruction of cultural heritage sites, restoration of damaged churches and monuments, and support for displaced communities. The foundation's real estate portfolio — including the Palazzo dei Combattenti and Palazzo Alfieri de Torres — underwent multi-year restoration programs funded partly through its own reserves and partly through public reconstruction funds.

As an Italian banking-origin foundation, Fondazione Carispaq operates under the supervision of the Ministry of Economy and Finance and follows the accounting and reporting standards established by ACRI, the national association of banking foundations. It publishes annual financial statements and grant reports that are publicly accessible. Its investment activities are constrained by Italian law, which requires prudent management and limits exposure to speculative instruments.

The foundation owns three significant properties in L'Aquila: the Palazzo storico della Direzione Generale on Corso Vittorio Emanuele II, the Palazzo dei Combattenti (which also houses the Auditorium Fondazione Carispaq), and Palazzo Alfieri de Torres. These buildings generate rental income from commercial tenants and provide space for the foundation's own cultural programming, including art exhibitions from the Fondazione Carispaq Art Collection. They remain central to the foundation's dual role as landlord and cultural patron.