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Tuesday, 25 January 2022

The journalists’ pension fund will invest up to € 80 million in private equity, private debt and infrastructure

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The board of directors of the journalists’ pension fund has approved the investment of up to 80 million euros in two private equity funds, one in private debt and the other in infrastructure.

The journalists’ pension fund has published a call for tenders for managers, who must send requests by 21 June (see the notice here and the text of the call here).

One of the two private equity funds must be focused on Italy and the journalists’ fund will allocate up to 20 million euros to it. The fund regulations may also provide for venture capital investments, but only up to a maximum of 20% of its endowment. You can also invest in funds but up to a maximum of 25%.

The other private equity fund will instead have a global focus and will be allocated up to 20 million euros. Also in this case, the fund may also conduct venture capital investments, but only up to a maximum of 25% of its endowment. This fund may also invest in funds, but up to a maximum of 25%.

As regards the infrastructure fund, up to 30 million will be allocated to it. The fund will invest in diversified infrastructure and / or real estate equities, which produce cash flows by providing essential services, such as transportation, networks, health services, education, energy. The fund may also invest in greenfield projects, but only up to a maximum of 25% of the endowment. It will also be able to invest in funds up to a maximum of 25%. The fund will have a focus on Italy (at least 75%).

Finally, up to 26 million euros will be allocated to the private debt fund with a geographical focus on Europe (at least 75%). It will invest in corporate bonds including convertible, senior, mezzanine, junior, securitization securities, may provide credit (direct lending) or purchase loans and equity instruments, with the exclusion of NPLs, distressed credit, real estate and infrastructure debt and funds of funds. The fund may also invest in funds, but only for a maximum of 25% of its endowment.

In the call for proposals there is also a reference to ESG criteria: in the evaluation of the offers, in fact, in addition to the management model, particular consideration will be given to the evaluation system of the sustainability parameters in the portfolio of the alternative fund. The finance and assets commission of the journalists pension fund, together with the consultants, defined the details of the operation and once the call is closed, it will draw up the short list of managers, to be submitted to the fund’s board of directors. The first investment by the journalists pension fund could take place next October.

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