Temasek Takes a 9% Stake in Italian Growth Investor FSI and Will Back Its Future Funds
Temasek has acquired a 9% strategic minority stake in the management company of FSI, the Italian growth equity investor with about EUR 5 billion under management, the two firms announced on 28 September 2026. Temasek will also commit additional capital to FSI's future funds. The amount of that commitment and the price of the stake were not disclosed.
A deeper relationship, not a first date
Temasek, which reported a S$518 billion (EUR 350 billion) portfolio at 31 March 2026, has been a founding investor in FSI's funds. It backed FSI I, which closed in 2019 and has exited 8 of its 11 portfolio companies (73% by count). It backed FSI II, which closed in 2024 as Europe's largest fund dedicated to a single country, Italy. And it backed FSI Scale-up Capital Solutions, launched in 2026 for high-growth Italian small and medium-sized companies. Across its funds, FSI has invested in 25 Italian companies, which have made more than 50 add-on acquisitions. FSI targets Italy's mid-market, which it defines as companies with EUR 70 million to EUR 200 million in revenue and EUR 10 million to EUR 30 million of EBITDA.
Nagi Hamiyeh, President of Temasek Global Investments, framed Italy as an integral part of Temasek's Europe strategy. FSI is led by Maurizio Tamagnini, CEO and Managing Partner. Temasek already holds direct stakes in Italian companies including Ermenegildo Zegna Group, Golden Goose and Moncler.
Why it matters for GPs
The deal pairs two things a large LP can offer a manager: an ownership stake in the firm and a forward commitment to its funds. For FSI, that locks in an anchor for its next raise before it starts, which can shorten the path to a first close. For other managers seeking capital from LPs in Europe and beyond, it shows a sovereign wealth fund concentrating capital with a manager it has backed across three vehicles rather than spreading it thin. It also fits survey findings this month that LPs are making larger commitments to fewer funds.
Mid-market GPs pitching Temasek or peers should expect the conversation to reach beyond one fund: co-investment, continuation capital and, for the most established firms, a stake in the manager itself. First-time funds are unlikely to see this kind of anchor, but Fund II and Fund III managers with a clear country or sector edge can use FSI's path as a model, as we set out in the playbook for the first 90 days of a raise. FundLinx members can see which sovereign funds are anchoring European managers.
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