Fondo Telemaco

Fondo Telemaco

Fondo Telemaco was established in 1998 to serve workers in Italy's telecommunications sector. Claudio Varani has served as president since inception, with the board structured around representatives from companies and employees. The fund deploys capital through three sub-funds: Comparto Prudente, focused on bonds and valued at 1.6 billion EUR; Comparto Dinamico, carrying a 60 percent equity allocation and valued at 800 million EUR; and Comparto Garantito. Asset classes include global bonds, European equities, infrastructure and private equity. Confirmed positions include Progetto Iride through Neuberger Berman and Private Equity Italia 3 through Fondo Italiano d’Investimento SGR. Geographic exposure centers on Italy and broader Europe. Mandates run with Amundi SGR, BlackRock, Anima SGR and Generali Asset Management. The organization maintains 50 professionals at its Rome headquarters. It holds membership in Assofondipensione and Mefop. In April 2024 the Assemblea dei Delegati approved the 2023 financial statements and reviewed strategic asset allocation. Service providers include BFF Bank as custodian and Deloitte & Touche as statutory auditor through 2025. Governance separates investment decisions across designated worker and company representatives on the board, with day-to-day execution handled through external asset managers rather than an internal team. This structure aligns allocations with the specific retirement needs of the Italian telecom workforce.