Temasek takes 9% stake in Italy’s FSI
Singapore’s Temasek has acquired a 9% strategic minority stake in the management company of Milan-based private equity investor FSI, extending a longstanding investment relationship and committing additional capital to the firm’s future funds. Financial terms of the transaction were not disclosed. The companies said on Monday that the partnership would combine FSI’s access to Italy’s mid-market…
Singapore’s Temasek Investment Corporation has increased its stake in FSI, a private equity firm based in Milan, to a 9% strategic minority position. This follows a long-standing relationship with the company, in which Temasek has previously invested in their funds. The additional capital commitment aims to support FSI’s future funds and enable the two entities to leverage their expertise and networks in the Italian market.
FSI manages approximately €5 billion in assets and focuses on growth investments in mid-sized businesses. The partnership between Temasek and FSI is expected to help companies expand into new markets, combining FSI’s access to the mid-market with Temasek’s sector knowledge and global reach.
Nagi Hamiyeh, president of Temasek Global Investments, stated that Italy is a crucial component of Temasek’s European strategy. The company has built relationships in Italy over the past decade, with investment activity accelerating in recent years. Hamiyeh emphasized that the new arrangement would further strengthen Temasek’s commitment to the mid-market and enable the use of Temasek’s sector capabilities and global networks to support Italian companies seeking international expansion.
FSI’s CEO and managing partner, Maurizio Tamagnini, noted that Temasek had been an early investor in the firm’s funds and that the collaboration would build upon their shared investment culture and mutual trust. FSI’s investments have primarily targeted family-owned companies, fragmented industries, and businesses with limited access to capital markets. The firm’s recent investments have included €3 billion in 25 companies over 15 years and more than 50 acquisitions.
This investment does not grant Temasek control over FSI’s management company, as the transaction is structured as a minority holding. The additional fund commitments will be made alongside other institutional investors, while the investment model continues to prioritize businesses that can benefit from fresh equity and strategic support without relying heavily on leverage.
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