How asset management is organised to support our philanthropic objectives

With regard to asset management, the Foundation’s Articles of Association and Regulations identify the objective of maximising the likelihood of obtaining a return that enables it to maintain its real value in the long term, while generating the economic and financial resources required to pursue its philanthropic mission.

New best practice-based management guidelines.

In 2024, after research into the management methods of the world’s best long-term investors, the Foundation worked to adapt these to its needs and constraints and achieved a reworking of the rules for asset management.

The new management approach is based on the following pillars:

  1. the desire to take full advantage of a long-term investment horizon and therefore the ability to tolerate, and where possible exploit, short-term volatility episodes;
  2. the maintenance of a cash buffer sufficient to overcome even relatively prolonged periods of systemic market crisis without jeopardising our philanthropic mission and without having to sell portfolio assets, the price of which at the time could be reduced to far below their intrinsic value;
  3. the belief that the best return can be obtained by seeking partnerships and alignment of interests with the best managers who have direct control over their investments, by maintaining an adequate level of diversification and minimising internal operational responsibilities;
  4. flexibility with regard to the nature of investment vehicles, with the proviso that investments will not be made in structures with the potential to lead to unlimited losses or to result in significant operational, reputational, legal or tax risks and that, in any case, there must be the utmost transparency, as a fundamental element for risk management.

Investments in mission-related closed-end funds

A portion of the assets is dedicated to “mission-related” investments which, to generate appreciable and measurable results, generally require patient capital and long-term commitments, as reflected in the long maturities of these funds. Overall, at the end of 2025, total commitments subscribed in the closed-end funds connected to the mission amounted to approximately €284 million (€248 million in 2024) and the NAV at that date was €123 million.

In terms of accounting, the significant financial results for 2025 and the generous dividend policy of the investee companies (primarily Intesa Sanpaolo S.p.A.) made it possible to achieve a surplus for the year of €353.9 million; after deducting provisions and grants of a total of €236.9 million, this resulted in a substantial provision of €117 million to the Grant Stabilisation Fund.