Asset manager Azimut is planning to raise €1bn for its first Italian social infrastructure fund.

The manager said its alternative investments arm Azimut Libera Impresa has launched the Infrastructure for Growth-ESG (IPC) fund to invest in schools, student housing, residences for the elderly, medical facilities, sports facilities and technological infrastructures.

The 14-year fund is opened to receive capital commitments from institutional investors such as pension funds, health funds, insurance and foundations, the manager said.

Andrea Cornetti, Azimut Libera Impresa real estate and Infrastructure CEO, said the objective of the fund is to generate positive growth on the economy, the environment and society with an environmental, social, and governance approach, to achieve long-term profitability with periodic distributions in favour of subscribers.

“In recent months Italy has gone through a complex crisis with wide repercussions, with the IPC Fund we respond promptly to the need of large investors to convey resources and investments for the revitalisation and support of the country.”

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