Temasek buys 9% stake in Italian private equity manager FSI

FSI is the largest European private equity manager dedicated to a single country.

Temasek has acquired a 9% minority stake in the management company of FSI SGR S.p.A., an Italian growth equity investor, for an undisclosed amount.

FSI approximately manages $7.26b (EUR5b) and is the largest European private equity manager dedicated to a single country.

Temasek committed an additional capital to FSI future funds, according to an announcement on 28 September.

Temasek has been an investor in FSI’s previous funds, including FSI I in 2019, and FSI II in 2024, the latter which is Europe’s largest fund dedicated to a single country.

Temasek is also an investor in FSI’s Scale-up Capital Solutions fund. Launched in 2026, the fund focuses on Italian high-growth small and medium enterprises.

Temasek said that it has invested in Italy for over a decade, with direct and indirect interests in companies including Ermenegildo Zegna Group, Golden Goose, and Moncler.

(S$1 = EUR 0.69; as of 29 September 2026)

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