{"id":12132,"date":"2025-11-04T06:04:35","date_gmt":"2025-11-04T05:04:35","guid":{"rendered":"https:\/\/www.fondazionecariplo.it\/?page_id=12132"},"modified":"2026-04-09T07:35:56","modified_gmt":"2026-04-09T05:35:56","slug":"asset-management","status":"publish","type":"page","link":"https:\/\/www.fondazionecariplo.it\/en\/asset\/asset-management\/","title":{"rendered":"Asset management"},"content":{"rendered":"\n<div style=\"background-color:#EDF5FF;padding:80px 2.5rem 80px 2.5rem\" class=\"wp-block-custom-hero-image-left hero-container-block\"><style>\n                        .hero-container-block .hero-columns-wrapper {\n                            max-width: 1400px;\n                            margin: 0 auto;\n                            gap: 60px !important;\n                            align-items: center;\n                        }\n                        .hero-container-block .hero-text-column h2 {\n                            font-size: 48px;\n                            font-weight: 400;\n                            line-height: 1.2;\n                            margin-top: 0;\n                        }\n                        .hero-container-block .hero-text-column p {\n                            font-size: 16px;\n                            line-height: 1.6;\n                        }\n                        .hero-container-block .hero-image-column img {\n                            border-radius: 24px;\n                        }\n                        @media (max-width: 1024px) {\n                            .hero-container-block .hero-columns-wrapper {\n                                gap: 40px !important;\n                            }\n                            .hero-container-block .hero-text-column h2 {\n                                font-size: 36px !important;\n                            }\n                        }\n                        @media (max-width: 781px) {\n                            .hero-container-block .hero-columns-wrapper {\n                                flex-direction: column-reverse !important;\n                            }\n                            .hero-container-block .hero-text-column h2 {\n                                font-size: 28px !important;\n                            }\n                        }\n                        <\/style>\n<div class=\"wp-block-columns hero-columns-wrapper is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column hero-image-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<figure class=\"wp-block-image size-full hero-image-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/GESTIONE-DEL-PATRIMONIO.jpg\" alt=\"\" class=\"wp-image-8869\" srcset=\"https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/GESTIONE-DEL-PATRIMONIO.jpg 1024w, https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/GESTIONE-DEL-PATRIMONIO-300x200.jpg 300w, https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/GESTIONE-DEL-PATRIMONIO-768x512.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column hero-text-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h2 class=\"wp-block-heading\"><br>How <span class=\"corsivo\">asset management<\/span>&nbsp;is organised to support our philanthropic objectives<\/h2>\n\n\n\n<p>With regard to asset management, the Foundation&#8217;s <a href=\"https:\/\/www.fondazionecariplo.it\/documenti-istituzionali\/statuto-e-regolamenti\/\"><strong>Articles of Association and Regulations<\/strong><\/a> <strong>identify the objective of maximising the likelihood of obtaining a return that enables it to maintain its real value in the long term<\/strong>, while generating the economic and financial resources required to pursue its philanthropic mission.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"background-color:#EDF5FF;padding:80px 2.5rem 80px 2.5rem\" class=\"wp-block-custom-hero-image-right hero-container-block\"><style>\n                        .hero-container-block .hero-columns-wrapper {\n                            max-width: 1400px;\n                            margin: 0 auto;\n                            gap: 60px !important;\n                            align-items: center;\n                        }\n                        .hero-container-block .hero-text-column h2 {\n                            font-size: 48px;\n                            font-weight: 400;\n                            line-height: 1.2;\n                            margin-top: 0;\n                        }\n                        .hero-container-block .hero-text-column p {\n                            font-size: 16px;\n                            line-height: 1.6;\n                        }\n                        .hero-container-block .hero-image-column img {\n                            border-radius: 24px;\n                        }\n                        @media (max-width: 1024px) {\n                            .hero-container-block .hero-columns-wrapper {\n                                gap: 40px !important;\n                            }\n                            .hero-container-block .hero-text-column h2 {\n                                font-size: 36px !important;\n                            }\n                        }\n                        @media (max-width: 781px) {\n                            .hero-container-block .hero-columns-wrapper {\n                                flex-direction: column-reverse !important;\n                            }\n                            .hero-container-block .hero-text-column h2 {\n                                font-size: 28px !important;\n                            }\n                        }\n                        <\/style>\n<div class=\"wp-block-columns hero-columns-wrapper is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column hero-text-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h2 class=\"wp-block-heading\"><span class=\"corsivo\">New best practice-based management guidelines<\/span>.<\/h2>\n\n\n\n<p>In <strong>2024<\/strong>, <strong>after research into the management methods of the world&#8217;s best long-term investors<\/strong>, the Foundation worked to adapt these to its needs and constraints&nbsp;and <strong>achieved a reworking of the rules for asset management<\/strong>.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column hero-image-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<figure class=\"wp-block-image size-full hero-image-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/NUOVE-LINEE-GUIDA.jpg\" alt=\"\" class=\"wp-image-8871\" srcset=\"https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/NUOVE-LINEE-GUIDA.jpg 1024w, https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/NUOVE-LINEE-GUIDA-300x200.jpg 300w, https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/NUOVE-LINEE-GUIDA-768x512.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:80px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">The new management approach is based on the following pillars:<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>the desire to take full advantage<\/strong>&nbsp;of a long-term investment horizon and therefore the ability to tolerate, and where possible exploit, short-term volatility episodes;<br><\/li>\n\n\n\n<li><strong>the maintenance of a cash buffer<\/strong> 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;<br><\/li>\n\n\n\n<li><strong>the belief that the best return can be obtained<\/strong> 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;<br><\/li>\n\n\n\n<li><strong>flexibility with regard to the nature of investment vehicles<\/strong>, 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.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading title-big\">Investments in mission-related closed-end funds<\/h2>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A portion of the assets is dedicated to&nbsp;<strong>\u201cmission-related\u201d investments<\/strong>&nbsp;which, to generate appreciable and measurable results,&nbsp;<strong>generally require patient capital and long-term commitments<\/strong>, as reflected in the long maturities of these funds. Overall, at&nbsp;the <strong>end of 2024, the total commitment made in closed-end mission-related funds amounted to approximately \u20ac248 million<\/strong>, with a net asset value (NAV) at that time of \u20ac116.7 million.<br>In particular, in 2024 the Foundation committed \u20ac30 million to the dedicated GDA Impact vehicle promoted and advised on by the Giordano dell\u2019Amore Social Venture Foundation, and increased by \u20ac20 million its investment in the City Regeneration Fund, which works in the social housing sector and is managed by Redo SGR.<\/p>\n\n\n\n<div style=\"height:80px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"background-color:#EDF5FF;padding:80px 2.5rem 80px 2.5rem\" class=\"wp-block-custom-hero-image-right hero-container-block\"><style>\n                        .hero-container-block .hero-columns-wrapper {\n                            max-width: 1400px;\n                            margin: 0 auto;\n                            gap: 60px !important;\n                            align-items: center;\n                        }\n                        .hero-container-block .hero-text-column h2 {\n                            font-size: 48px;\n                            font-weight: 400;\n                            line-height: 1.2;\n                            margin-top: 0;\n                        }\n                        .hero-container-block .hero-text-column p {\n                            font-size: 16px;\n                            line-height: 1.6;\n                        }\n                        .hero-container-block .hero-image-column img {\n                            border-radius: 24px;\n                        }\n                        @media (max-width: 1024px) {\n                            .hero-container-block .hero-columns-wrapper {\n                                gap: 40px !important;\n                            }\n                            .hero-container-block .hero-text-column h2 {\n                                font-size: 36px !important;\n                            }\n                        }\n                        @media (max-width: 781px) {\n                            .hero-container-block .hero-columns-wrapper {\n                                flex-direction: column-reverse !important;\n                            }\n                            .hero-container-block .hero-text-column h2 {\n                                font-size: 28px !important;\n                            }\n                        }\n                        <\/style>\n<div class=\"wp-block-columns hero-columns-wrapper is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center hero-text-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<p>In terms of accounting, the significant financial results for 2024 and the generous dividend policy of the investee companies (primarily Intesa Sanpaolo S.p.A.) made it possible\u00a0<strong>to achieve a surplus for the year of \u20ac286.5 million<\/strong>; after deducting provisions and grants of a total of \u20ac196.5 million, this resulted in a\u00a0<strong>substantial provision of \u20ac90 million to the Grant Stabilisation Fund<\/strong>.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column hero-image-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<figure class=\"wp-block-image size-full hero-image-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/RISULTATI-FINANZIARI.jpg\" alt=\"\" class=\"wp-image-8873\" srcset=\"https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/RISULTATI-FINANZIARI.jpg 1024w, https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/RISULTATI-FINANZIARI-300x200.jpg 300w, https:\/\/www.fondazionecariplo.it\/wp-content\/uploads\/2025\/12\/RISULTATI-FINANZIARI-768x512.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The new management approach is based on the following pillars: Investments in mission-related closed-end funds A portion of the assets is dedicated to&nbsp;\u201cmission-related\u201d investments&nbsp;which, to generate appreciable and measurable results,&nbsp;generally require patient capital and long-term commitments, as reflected in the long maturities of these funds. Overall, at&nbsp;the end of 2024, the total commitment made in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":12192,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-12132","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Asset management - Fondazione Cariplo<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fondazionecariplo.it\/en\/asset-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset management - Fondazione Cariplo\" \/>\n<meta property=\"og:description\" content=\"The new management approach is based on the following pillars: Investments in mission-related closed-end funds A portion of the assets is dedicated to&nbsp;\u201cmission-related\u201d investments&nbsp;which, to generate appreciable and measurable results,&nbsp;generally require patient capital and long-term commitments, as reflected in the long maturities of these funds. 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