Italy’s €30bn medical sector pension fund, Enpam, is seeking to commit up to €400m to domestic infrastructure managers across energy, utilities, transportation, telecommunications and logistics.
Enpam has launched a tender for managers with closed-ended infrastructure funds investing primarily in Italy through core, core-plus or value-add strategies.
Funds of funds and debt or credit vehicles are excluded from the selection process.
According to the note, participating managers must hold at least €300m in assets under management.
Submissions are open until 4 December 2026.
The mandate will sit within Enpam’s Liability Hedging Portfolio, also known as Portafoglio di Copertura delle Passività (PCP).
Infrastructure accounted for 10.9% of the PCP portfolio at the end of 2025, exceeding its 8% target asset allocation, according to the pension fund’s latest financial report.
During 2025, Enpam committed €770m across seven core closed-ended infrastructure funds, resulting in an active exposure of €456m.
The pension scheme’s existing infrastructure platform includes fund commitments with Equiter, Ardian, Igneo, F2i and Green Arrow Capital.
Enpam increased its equity stake in Green Arrow Capital this year following an initial 8% acquisition in 2024, alongside holding direct equity in alternative asset managers Nextalia and F2i.
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