# Pirelli Common Investment Fund

Pirelli Common Investment Fund is a Pension Fund based in Staffordshire, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Staffordshire, United Kingdom
- **Region:** Europe
- **Address:** Staffordshire, United Kingdom
- **Assets under management:** Undisclosed
- **Website:** www.pirelli.co.uk
- **LinkedIn:** https://www.linkedin.com/company/pirelli

## Regulatory record

- **Reports private funds:** No

## About

The Pirelli Common Investment Fund, also known as the Pirelli General Pension & Life Assurance Fund, is the UK defined-benefit scheme sponsored by Pirelli & C. S.p.A. Flavio Cateni, the fund's former head of DB pensions, remains an advisor, and Andrew McTaggart previously served as payroll and pensions manager. The fund is headquartered in Staffordshire. Cardano Risk Management Limited acts as fiduciary manager, running a strategy weighted toward global equities. The fund layers that mandate with direct holdings, including a UK commercial-property special-purpose vehicle and a longevity-swap portfolio that hedges against rising member lifespans. Through Cardano, the Pirelli Common Investment Fund participates in the UN Principles for Responsible Investment. The fund also maintains membership in the Pensions Trustees Circle, a professional network for UK pension trustees. The structure splits governance and day-to-day management: Pirelli & C. S.p.A. remains the sponsoring employer, while Cardano executes asset allocation and reporting. That separation creates a governance perimeter unusual among single-sponsor pension funds, with the fiduciary manager bearing the mark-to-market accountability.

## Sectors

- Real Estate

## People

- Flavio Cateni — Former Head of DB Pensions, current advisor to the fund
- Andrew McTaggart — Former Payroll and Pensions Manager

## Questions

### Who manages the assets of the Pirelli Common Investment Fund?

Cardano Risk Management Limited serves as the fiduciary manager. Cardano runs a liability-aware mandate that includes global equities and integrates responsible-investment principles under the UN PRI framework.

### What assets does the fund hold directly, outside the Cardano mandate?

The fund retains a United Kingdom commercial-property special-purpose vehicle and a longevity-swap portfolio. Both sit alongside the liquid assets Cardano oversees.

### Is the Pirelli Common Investment Fund open to external investors or co-investors?

No. It is a closed single-sponsor pension fund for Pirelli & C. S.p.A.'s UK defined-benefit obligations. There is no indication of third-party participation.

### How is the fund governed?

Pirelli & C. S.p.A. acts as sponsoring employer. The fund's governance is split between the sponsor and Cardano as fiduciary manager. Flavio Cateni, the former head of DB pensions, remains an advisor to the trustees.

### Does the fund's approach differ from in-house-managed single-sponsor pension schemes?

Yes. By delegating investment management to Cardano under a fiduciary-management agreement, the fund transfers day-to-day portfolio decisions and regulatory accountability to an external regulated entity, a structure less common among single-sponsor UK pension funds of comparable size.

## Related profiles

- [PIRAPREV](https://altss.com/profile/piraprev)
- [PirE Ventures](https://altss.com/profile/pire-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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