Temasek deepens its commitment to Italy through strategic partnership with FSI, the largest fund in Europe dedicated to one single country
Long-standing investor in FSI’s funds acquires minority stake in the management company and commits capital to future funds, supporting the growth and international expansion of Italian mid-market businesses
Press release
Milan / Singapore, 28 September 2026 — FSI SGR S.p.A. (“FSI”), the Italian growth equity investor with approximately €5 billion managed, today announced that Temasek, the global investment company with a S$518 billion (€350 billion) portfolio, has acquired a 9% strategic minority stake in FSI’s management company. Temasek will also commit additional capital to FSI’s future funds.
Temasek has invested in Italy for over a decade, holding direct and indirect interests in companies including Ermenegildo Zegna Group, Golden Goose, and Moncler. Temasek has also been a significant investor across FSI’s previous funds. This includes FSI I, which closed in 2019 and has already delivered eight exits across its 11 portfolio companies for its investors, and FSI II, which closed in 2024 as Europe’s largest fund dedicated to a single country – Italy. Temasek is also an investor in FSI’s new Scale-up Capital Solutions fund, launched in 2026 with a specific focus on Italian high-growth SMEs.
The strategic partnership between Temasek and FSI builds on this foundation. It further deepens Temasek’s exposure to the country’s mid-market, while reinforcing FSI’s role as a trusted institutional platform that attracts significant international capital to support the growth of Italian companies.
The partnership will also pair FSI’s extensive local market knowledge, trusted relationships with Italian entrepreneurs, and strong sourcing capabilities with Temasek’s long-term investment horizon, sector expertise, and global networks to help Italy’s mid-market companies scale.
An expanded relationship to capture Italy’s mid-market
Italy’s mid-market is the backbone of the national economy – a deep pool of founder- and family-owned companies with strong industrial capabilities and international reach, many now approaching a new phase of growth or succession.
The expanded relationship creates more avenues for Temasek to work with FSI over time as a minority shareholder, and an investor in its funds. FSI will also be able to strengthen its position to capture the depth of the opportunity within the Italian mid-market and with SMEs, where companies require substantial equity capital and a partner that can help to accelerate their international growth.
A distinctive investment formula, at scale
The partnership follows 15 years in which the FSI management team has consistently executed its distinctive investment formula, building a large-scale investor dedicated solely to the growth of Italian companies.
FSI’s investment pillars, which over this period led to strong financial and sustainability results, consist of specialisation in partnership minority positions, limited use of leverage, transformational growth projects, and strong sector expertise.
Across the portfolio, this approach has supported average annual revenue growth in excess of 20%, EBITDA expansion of approximately 25%, a 20-percentage point gain in international sales and significant job creation – all achieved consistently with low volatility.
Quotes
Nagi Hamiyeh, President of Temasek Global Investments, said:
“Italy is an integral part of Temasek’s Europe strategy. Over more than a decade, we have built our portfolio and networks steadily, and stepped up the pace in recent years. Our partnership with FSI extends that into the mid-market.
“We have developed a strong appreciation for the team’s disciplined approach and long-standing relationships with Italian businesses since our investment in FSI’s funds in 2018. Through this partnership, we can leverage the Temasek platform, drawing on our sector capabilities and global networks to help Italian companies expand into new markets and realise their long-term growth ambitions. We engage companies’ boards and management on strategy and governance, while leaving day-to-day operations to them, and can participate directly as they scale.”
Maurizio Tamagnini, Chief Executive Officer and Managing Partner of FSI, said:
“Temasek has been a founding investor in our funds, and our teams have long worked side by side well beyond those commitments, looking together at where value can be created in Italian companies of very different scale. Today’s step therefore rests on shared investment culture, experience and deep trust between the two institutions at the top level.
“Italy is home to some of Europe’s most remarkable SMEs, and FSI has become the bridge through which the world’s leading institutional capital reaches them. Over the past 15 years, we have applied a single investment formula across markedly different cycles, producing strong returns in each. Temasek’s presence alongside our partners sharpens that ambition further, and it is the ground on which we will build the next phase of FSI.”
Barnaba Ravanne, Chairman of the Investment Committee and Co-Managing Partner of FSI, said:
“At FSI, everything we do puts our portfolio companies and their employees at the centre. This partnership with such a high-profile global investor will act as an accelerator of the international growth of the businesses we invest in.
“For Italy, it confirms that a single-country strategy, executed with discipline and in genuine partnership with entrepreneurs and corporates, can deliver first-quartile returns at scale.”
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About Temasek – www.temasek.com.sg
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$518 billion (US$401b, €350b, £304b, RMB2.77t) as at 31 March 2026. Its Purpose “So Every Generation Prospers” guides it to make a difference for today’s and future generations. Temasek seeks to build a resilient and forward-looking portfolio that will deliver good sustainable returns over the long term.
Temasek has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.
About FSI – https://www.fondofsi.it/en/
FSI is the largest European private equity manager dedicated to a single country, Italy, with approximately €5 billion managed by its team. It is backed by leading international investors, including the European Investment Fund (EIF) through the European Investment Bank (EIB), sovereign wealth funds of the Middle East, the Far East and Central Asia, asset managers, leading Italian institutional investors, European banks and insurance companies, and family offices of prominent industrial groups. FSI invests in market-leading mid-market companies and SMEs, working alongside their founders and management teams on growth, consolidation and internationalisation. FSI has invested in 25 Italian companies and completed over 50 add-on acquisitions, with a 15-year first-quartile track record.
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