# Fondazione di Modena

Fondazione di Modena is an Endowment / Foundation based in Modena, Italy.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Modena, Italy
- **Region:** Europe
- **Address:** Via Emilia Centro, 283, 41121 Modena, Italy
- **Founded:** 1991
- **Assets under management:** ~$1,024M (Altss estimate)
- **Website:** www.fondazionedimodena.it
- **LinkedIn:** https://it.linkedin.com/company/fondazione-di-modena

## Regulatory record

- **Reports private funds:** No

## About

Fondazione di Modena was established in 1991 following the spin-off of the Cassa di Risparmio di Modena banking operations, carrying forward a civic mandate through the endowed capital of the former savings bank. Its wealth stems from the original banking proceeds and has diversified into a multi-asset portfolio overseen by the Board of Directors under President Matteo Tiezzi. The foundation maintains its historic headquarters on Via Emilia Centro and operates additional cultural and archival sites across the city. The investment strategy is deliberately hybrid, combining direct buyout and venture exposures with commitments to natural resources, mezzanine debt, and timber funds. While the foundation does not publicly disclose its full portfolio, known assets include the Complesso Sant'Agostino mixed-use development, a dedicated biomass and renewable energy fund, and a historical photography collection held in Modena. A substantial portion of the portfolio is allocated through fund-of-funds and co-investment structures, with deployment focused across Italy and other European markets. With €30.7 million in grants deliberated for 2025 and a net equity exceeding €1 billion, the foundation maintains an active philanthropic presence alongside its investment activity. It is a member of ACRI, the national association of Italian banking foundations, as well as the Philea European philanthropy network. The foundation's urban footprint expanded recently through the AGO Modena Fabbriche Culturali project, a partnership with the Comune di Modena and the University of Modena and Reggio Emilia, converting a former hospital into a cultural center. In 2025, the foundation confirmed 318 interventions across cultural, scientific, and social welfare programs. The foundation's structure distinguishes it from a conventional endowment: it merges institutional investing with direct ownership of civic real estate and cultural assets, and it participates in an ongoing consolidation of local philanthropic entities, including the absorption of Fondazione Estense during 2024–2025. This dual posture — institutional allocator and civic steward — shapes a mandate where investment returns and urban development are governed within a single balance sheet.

## Sectors

- Real Estate
- Energy Transition & Renewables
- Private Credit
- Hedge Funds
- Secondaries & Special Situations

## People

- Matteo Tiezzi — President of the Board of Directors

## Questions

### Who runs investment decisions at Fondazione di Modena?

The Board of Directors, presided over by Matteo Tiezzi, governs investment policy and grant-making allocations. The foundation does not publicly name a dedicated CIO; investment and philanthropic decisions are approved through the board's governance framework.

### Does Fondazione di Modena manage its portfolio internally or through external managers?

The foundation uses a hybrid model, combining direct holdings in real estate and private companies with allocations to external funds. Its strategy includes fund-of-funds commitments, co-investments, and direct ownership of assets like the Complesso Sant'Agostino.

### What is the relationship between Fondazione di Modena and the original Cassa di Risparmio di Modena bank?

Fondazione di Modena was created in 1991 as the philanthropic and investment entity resulting from the demutualization of Cassa di Risparmio di Modena. The foundation retained the bank's endowment and has since operated independently as a grant-making and investment institution.

### Which sectors does Fondazione di Modena explicitly invest in?

The foundation invests across buyouts, venture capital (seed through growth stages), natural resources, infrastructure, real estate, and mezzanine credit. A confirmed position includes a dedicated biomass and renewable energy fund.

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Last updated: 2026-06-03T20:00:00.000Z

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