Temasek Acquires 9% Stake in Italy’s FSI to Expand Mid-Market Investments

Temasek will also commit additional capital to FSI’s future funds. FSI manages approximately $5.69 billion in assets.

Temasek Deepens Investment in Italy

Temasek has invested in Italy for more than a decade and holds direct and indirect interests in companies including Ermenegildo Zegna Group, Golden Goose and Moncler.

The investment also builds on Temasek’s existing relationship with FSI. Temasek previously invested in FSI I, which closed in 2019 and has completed eight exits across its 11 portfolio companies.

Temasek also invested in FSI II, which closed in 2024 as Europe’s largest fund dedicated to a single country, Italy.

In 2026, Temasek became an investor in FSI’s Scale-up Capital Solutions fund, which focuses on high-growth Italian small and medium-sized enterprises.

Partnership Targets Italy’s Mid-Market

The expanded partnership is designed to give Temasek greater access to Italy’s mid-market companies while helping FSI attract international institutional capital.

FSI focuses on founder- and family-owned Italian businesses with strong industrial capabilities and international operations. Many of these companies are entering new growth or succession phases and require substantial equity capital.

FSI’s investment approach focuses on minority partnerships, limited leverage, transformational growth projects and sector expertise.

According to FSI, companies across its portfolio have recorded average annual revenue growth of more than 20%, while EBITDA has expanded by approximately 25%. International sales have also increased by around 20 percentage points.

Temasek Brings Global Networks

The partnership combines FSI’s local knowledge, relationships with Italian entrepreneurs and sourcing capabilities with Temasek’s long-term investment approach, sector expertise and global network.

The companies said the partnership could help Italian mid-market businesses expand internationally and access new markets.

Temasek’s broader European strategy also focuses on supporting European companies with capital, sector expertise and global networks as they scale internationally. Between its financial years 2024 and 2026, Temasek deployed approximately €13 billion across Europe.

About Temasek

Temasek is a global investment company headquartered in Singapore. As of March 31, 2026, it had a net portfolio value of $401 billion. The company invests across sectors and markets globally and aims to generate sustainable long-term returns.

Temasek was incorporated in Singapore in 1974 and owns its investment assets as a commercial investment company. It is wholly owned by Singapore’s Minister for Finance.

The company has 13 offices across nine countries, including locations in Asia, Europe and North America.

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