The false start of the Strategic National Fund

The curtain fell on the Salone del Risparmio 2026 organised this week in Milan by Assogestioni. An edition that placed at the centre of the debate, in particular, the theme of private assets as a driver for the Italian asset management industry.

Managers, distribution networks and authorities had the opportunity to exchange views in no less than 16 conferences whose leitmotif was the role of private markets in supporting the real economy, with institutions, asset managers and institutional investors each having to play their part. But as Assogestioni's president, Maria Luisa Gota, pointed out in the opening plenary of the event, a greater contribution is to be expected from pension funds, pension funds, banks and insurance companies, after the half-hearted false start of the National Strategic Fund (SNF) promoted by the government and operational from 2025 under the aegis of Cassa Depositi e Prestiti.

During her speech, Assogestioni's chairman launched a dig at institutional investors 'who have been less enthusiastic than expected about this model public-private partnership initiative, where Cdp co-invests in small and medium-sized companies traded on Piazza Affari. Many investors have expressed doubts about the strangeness of a closed-end fund on a listed market, but we operators believe that it is the most effective tool for managing that level of liquidity with institutional tickets".

At the end of March - according to the reconstruction carried out by Plus24 - there were six funds already operational that had closed the first closing (Generali, Eurizon, Amundi, Miria, Arca and Anima) with a total funding of around EUR 500 million: 57% from private investors and the remaining 43% from Cdp.

But the firepower must be far greater to support the SMEs in the productive fabric of Italia that have embarked on the stock market route. Other investment houses have completed or are in the process of completing the authorisation procedure for their funds (AcomeA, Algebris, Azimut, Euita, Ersel, Quaestio-Banor and Anthilia). The managers have therefore taken action. Now the so-called patient investors, who have a long-term horizon and can foster the development of financial markets to support growth, must take a more decisive step in this direction.