Temasek has acquired a 9% strategic minority stake in FSI SGR S.p.A., the management company behind Italian growth equity investor FSI, deepening an existing relationship that already includes commitments to the firm’s investment funds.
The sovereign fund announced the investment in a press release but didn’t disclose financial terms of the agreement with FSI SGR, which manages about €5 billion.
“Italy is an integral part of Temasek’s Europe strategy,” Nagi Hamiyeh, president of Temasek Global Investments, the sovereign investor’s global investment arm, said in the release. “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.”
Temasek has been an investor across FSI’s previous funds, including FSI I, which closed in 2019. According to FSI, that fund has delivered eight exits across its 11 portfolio companies. Temasek has also invested in FSI II, which reached its final close in 2025, as well as FSI’s Scale-up Capital Solutions fund, launched in 2026 with a focus on Italian high-growth small and mid-size companies.
The announcement said the expanded relationship creates more avenues for Temasek to work with FSI over time, as a minority shareholder and as an investor in its funds. Temasek’s net portfolio value was S$518 billion (US$401 billion) as of March 31.
Temasek has invested in Italy for more than a decade and holds direct and indirect interests in companies including Ermenegildo Zegna Group, Golden Goose and Moncler.
“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,” said Hamiyeh. “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 realize 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.”