ENPAV - Avvio selezione di investimento

30 Luglio 2026
in-evidenza

Enpav has decided to allocate €10 million in a Private Equity Co-investment fund in 2026, selecting one global, diversified institutional closed-ended fund.
Some details of the characteristics sought are set out below:

Item Required characteristic
Investment vehicle
  • Will consider institutional closed-ended funds only. Open-ended funds will not be considered.
  • The vehicle should be domiciled in Europe (preferably Luxembourg or Italy if possible).
  • Preference for vehicles that currently offer or have the ability to create a fully or partially hedged solution (EUR).
Risk/return objectives
  • 20% Net IRR.
Investment constraints
  • Global exposure targeted including US and Europe predominantly. Asia and RoW should not represent more than 10%.  
  • Conservative usage of leverage. Subscription lines to smooth capital calls are acceptable, but shall not seek return from leverage.
  • Predominantly Buyout (at least 80-90%).
  • The fund must not invest in companies whose activities include the provision of veterinary services, encompassing diagnosis, treatment or surgical procedures, through the ownership, consolidation or management of veterinary clinics and laboratories in Italy.
Investment requirements
  • No first time funds and the preference is for at least Fund III. Managers should be able to demonstrate meaningful realised track records.
  • Minimum target fund size of EUR 500 mln.
  • Fund need to be open in Q4 2026 or early Q1 2027.
ESG requirements
  • Strong ESG integration required.
  • Preference for UN PRI signatories.
Reporting requirements
  • Quarterly investor reporting (including NAV).
  • Detailed quarterly look-through reports, including information on geographic allocation, sector exposure, and other relevant portfolio composition metrics.
  • Annual audit.

Investment managers interested in participating in the selection process are requested to complete an RfP prepared by our appointed consultant bfinance.

For more details, please send an e-mail to the following email address: adige@bfinance.com. 
 
For all information on the Terms and Conditions, including the commission payable, or for further details, please contact bfinance.

Investment offers must be sent no later than 31 August 2026.

 


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