Ministry of Economy & Finance (Italy)

MEF operates as Italy's sovereign shareholder through the Department of the Treasury's directorate for state-owned enterprises. It holds direct stakes in strategic companies and coordinates investment strategy through Cassa Depositi e Prestiti (CDP), which acts as the state's primary deployment vehicle for infrastructure, private equity, and venture capital. Golden power regulations give MEF veto authority over foreign acquisitions in defense, energy, and telecom sectors.

CDP is Italy's national promotional bank, 83% owned by MEF, with the remaining shares held by banking foundations. MEF sets CDP's strategic direction and appoints its leadership, while CDP executes investment programs across infrastructure, SME lending, and innovation. The relationship functions similarly to a sovereign wealth fund's governance structure, with MEF as the controlling LP and CDP as the GP deploying capital for public-policy returns alongside commercial objectives.

MEF holds controlling or significant stakes in Eni (energy), Enel (utilities), Leonardo (aerospace and defense), Poste Italiane (postal and financial services), Ferrovie dello Stato (railways), and Rai (public broadcasting). The ministry also oversees the gradual privatization process for entities like Banca Monte dei Paschi di Siena, with timing and structure dictated by EU state-aid agreements and market conditions.

Yes, through CDP Venture Capital SGR, a wholly owned subsidiary of CDP. The platform manages a network of sector-specific funds targeting Italian startups from seed to growth stages. Notable portfolio companies include Satispay (mobile payments), D-Orbit (space logistics), and Energy Dome (long-duration energy storage). In April 2025, MEF directed CDP to establish a €1 billion AI-focused fund of funds.

MEF primarily invests through CDP-managed funds rather than making direct commitments to external private-market GPs. However, CDP frequently co-invests alongside international institutional investors — notably in infrastructure projects that pair CDP Equity with foreign sovereign funds and pension plans. The ministry's golden power authority also shapes co-investment structures where foreign partners seek exposure to Italian strategic assets.

As the sovereign debt manager for approximately €2.9 trillion in outstanding obligations, MEF's investment decisions are inseparable from Italy's fiscal constraints. The ministry cannot deploy state capital with the risk tolerance of a conventional SWF. Equity investments are concentrated in strategic enterprises that generate dividends or serve public infrastructure functions, and any large-scale deployment typically requires parliamentary authorization and compliance with EU Stability and Growth Pact parameters.

The Minister of Economy and Finance, currently Giancarlo Giorgetti, holds ultimate authority, delegated through the Department of the Treasury's director general. Day-to-day management of state shareholdings sits with the Directorate of State-Owned Enterprises, while CDP's CEO and board execute specific investment mandates within strategic frameworks approved by MEF. This structure separates policy direction from investment execution, with MEF retaining golden-share powers over divestments and corporate actions at controlled entities.