Fondo Pensione a Prestazione definita del Gruppo Intesa Sanpaolo

Fondo Pensione a Prestazione definita del Gruppo Intesa Sanpaolo

The Fondo Pensione a Prestazione definita del Gruppo Intesa Sanpaolo was founded in 2001 as the supplementary pension scheme for Intesa Sanpaolo's workforce. Its original two-section structure — one defined-benefit, one defined-contribution — was consolidated into a single Section "A" in July 2016, and as of mid-2025, the entire pool of remaining active and retired members is transferring into a dedicated Section "B" of the new Fondo Pensione del Gruppo Intesa Sanpaolo (FondISP), per an employer-union agreement signed May 13, 2025. This migration, effective January 1, 2026, leaves the original fund managing only its legacy closed book of pensioners and direct assets. The fund's investment engine revolves around a concentrated portfolio of wholly owned Italian real estate, held through the controlled entity Sommariva 14 Srl. Identified assets span the north of the country: a mixed-use portfolio in Milan, Florence, and Turin; the Via Mecenate property in Milan; Viale Lavagnini in Florence; the Alliance Française headquarters in Turin; a commercial complex on Via Genova; and residential units on Via Frabosa 24/A. Beyond bricks and mortar, the portfolio includes a position in Bank of Italy shares, an equity stake reserved for Italian financial institutions. Strategy tags indicate a willingness to explore buyout, natural-resource, and generalist venture exposures, though observable deployment remains overwhelmingly property-focused. Governance sits with a board that included Claudio Graziano as President — the former Chief of Staff of the Italian Defense — alongside board member Guido Napoli and the leadership of Sommariva 14 Srl, Presidents Carlo Sabetta and Enzo Romani. The fund is a signatory to the UN Principles for Responsible Investment and a member of the Italian Sustainable Investment Forum and Climate Action 100+. As of 2024, COVIP, the Italian pension regulator, continued to supervise the fund's operations, even as the May 2025 collective agreement set the clock running on a structural unwind that will eventually fold the entire remaining defined-benefit population into FondISP. The fund's structural differentiator is not its size but its architecture: it is a closed, maturing defined-benefit scheme whose assets were never outsourced to third-party managers but instead were deployed directly into a proprietary commercial-property company. With the 2025 agreement initiating the transfer of members to a successor vehicle, the Fondo is now in a terminal administrative phase, managing a portfolio of hard assets rather than any active flow of new contributions.