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Azimut unveils first Italian fund dedicated to social infrastructure

Azimut unveils first Italian fund dedicated to social infrastructure

Independent asset management company Azimut has launched a closed-ended impact infrastructure fund to aid economic growth in Italy.

The fund, which is believed to be the first of its kind in Italy, will focus on infrastructure projects that will target around €1bn of assets to invest in schools, student housing, elderly residences, medical facilities, sports facilities and technological infrastructure.

Consob has approved the launch of the fund, which is known as Infrastructure Fund for Growth, and it will run for a period of 14 years with an emphasis on institutional investors. It will be led by Andrea Cornetti, who joined Azimut Libera Impresa at the start of 2020 to develop the project.

The launch of this special vehicle will also help Azimut’s growth in alternative investments, which was done through the creation of Azimut Libera Impresa. It already runs around €1bn across almost 300 investments in private debt, equity and real estate.

Commenting on the launch, Corentti said: ‘The objective of the fund is to generate positive growth on the economy, the environment and society with an ESG approach, to achieve long-term profitability with periodic distributions in favour of subscribers.

‘In recent months, Italy has gone through a complex crisis with wide repercussions. With this fund, we respond promptly to the need of large investors to convey resources and investments for the revitalisation and support of the country.’

The fund will invest in four types of social infrastructure:

  • The ‘white and silver’ economy and well-being with medical facilities, assistance for the elderly, rehabilitation and spa facilities;
  • Structures relating to new forms of living, such as student housing and senior housing;
  • Structures dedicated to young people, such as schools, training centres, laboratories, educational parks and new generation work structures;
  • Environment and society, such as within water and waste cycle, sports facilities, civic structures, logistic structures and sustainable mobility but also the digital infrastructure