Istituto Atesino Di Sviluppo

ISA is owned by various dioceses and clerical entities in the Trentino region of northern Italy. This ecclesiastical ownership structure, unusual for a generalist investment company, traces back to the Catholic Church's historical presence and landholdings in the region. The structure imposes no publicly known external LP redemption pressure, allowing for genuinely patient capital deployment across real estate, private equity, and infrastructure.

ISA operates as a generalist, deploying capital directly into private Italian companies, commercial and mixed-use real estate, and specialized infrastructure. The firm holds controlling or influential minority stakes rather than passive fund positions, with CEO Giorgio Franceschi and the ISA team typically taking board representation. The portfolio also includes the Trentino Data Mine, a subterranean data center near San Romedio, and an art collection displayed at Trento's Mart Museum.

The Trentino Data Mine is an underground data center excavated from a former mine in San Romedio, within the Trentino region. ISA owns this asset as part of its infrastructure portfolio. The facility markets its deep-rock location for natural geothermal cooling and high physical security, targeting enterprise clients with sensitive data-storage requirements.

ISA maintains a strategic partnership with Nextalia SGR, the Italian private markets investment platform. ISA leadership sits on Nextalia's Strategic Advisory Board. The relationship provides ISA with co-investment access to larger private equity and infrastructure deals originated by Nextalia, effectively extending ISA's reach beyond its in-house team's capacity.

Massimo Tononi, one of Italy's most prominent investment bankers, served as ISA's Chairman and was instrumental in modernizing the institution's investment approach. Tononi — who currently chairs Banco BPM and previously held senior roles at Goldman Sachs and as a senior Italian Treasury official — brought institutional portfolio-management discipline to an entity whose origins lie in ecclesiastical asset stewardship.