Temasek acquires 9% stake in Italian equity investor FSI; additional capital set for future funds
The Italian firm has about five billion euros (US$5.7 billion) of assets under management
The Singaporean sovereign wealth fund Temasek has increased its stake in the Italian growth equity investment firm FSI. The investment firm now holds a 9 percent share in FSI’s management company, with more capital planned for future FSI funds, according to a statement released on September 28. FSI manages roughly five billion euros ($5.7 billion) worth of assets.
Temasek previously invested in the FSI I fund, which closed in 2019, and has exited eight times across its 11 portfolio companies to benefit its investors. The company also invested in FSI II, which closed in 2024 as Europe's largest fund focused on Italy. In addition, Temasek is a participant in FSI’s newly launched Scale-up Capital Solutions fund, which began operations in 2026 with a focus on high-growth Italian small and medium-sized enterprises.
The Singapore-based investment management company has been active in Italy for over a decade, with investments in companies such as Ermenegildo Zegna Group, Golden Goose, and Moncler. The partnership between Temasek and FSI aims to enhance Temasek's exposure to Italy's mid-market, which includes businesses with revenues between 70 million and 200 million euros and EBITDA of 10 million to 30 million euros.
These companies are typically family-run, export-focused, and niche leaders. Temasek's president of Global Investments, Nagi Hamiyeh, stated that Italy is a crucial part of Temasek's European strategy, and the firm engages with company boards and management on strategy and governance while allowing them to run day-to-day operations. Temasek can also participate directly as these companies scale.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
