Fondo Pensione Nazionale per il Personale delle BCC/CRA (FPN)

The fund is governed by a board representing both employer and union interests, with day-to-day management led by the General Manager. Giuseppe Longo currently holds that role, succeeding Sergio Carfizzi who served from 2008 to 2022 and drove the expansion into alternative assets. Investment strategy is shaped by the board's asset-liability framework and executed in consultation with external advisors and fund managers.

FPN draws deal flow through Italy's cooperative banking network, where local BCC institutions maintain deep relationships with regional companies and sponsors. This embedded position, combined with the fund's membership in ABI (the Italian Banking Association), provides visibility into mid-market Italian private equity and infrastructure projects. The fund also accesses global strategies through traditional limited partner commitments to international fund managers.

FPN invests primarily through fund commitments — including buyout funds, venture vehicles like Eterna Blockchain Fund II, and real asset funds — but also participates in direct co-investments and project-level real estate. The Villaggio Olimpico Milano-Cortina 2026 student housing project represents a direct real asset investment with a specific use-case timeline tied to the Olympic Games infrastructure planning.

FPN was created by the national collective labor agreement for cooperative credit bank employees, with Federcasse — the trade association representing Italy's BCC network — serving as the founding employer counterparty. This means FPN's membership base is limited to workers within the cooperative banking system, and its governance structure permanently includes Federcasse representation alongside banking trade unions such as FABI.

FPN has deployed capital across private equity buyout funds, real asset and infrastructure projects, and venture capital. The fund has specifically backed Italian student housing development linked to the 2026 Milan-Cortina Olympics and committed to a blockchain-focused venture fund. These strategies sit alongside its core defined-contribution retirement portfolio in Italian and European government and corporate bonds.

FPN operates under the supervision of COVIP, the Commissione di Vigilanza sui Fondi Pensione, which is the dedicated Italian regulatory authority for supplementary pension funds. It is registered on the official pension fund register under Albo number 1386, subjecting it to Italian and EU occupational pension regulations including governance requirements, investment limits, and transparency obligations.

FPN's membership is drawn entirely from employees of Italy's Banche di Credito Cooperativo — the cooperative credit banks that operate across the country, particularly in smaller towns and rural areas. This closed-membership design, built into the fund's founding collective agreement, creates a concentrated constituency of banking professionals rather than a broad-based public pension pool.