Temasek Acquires 9% Stake in Italy's FSI Private Equity
Temasek acquired a 9% minority stake in the management company of Milan-based FSI to expand its investments in high-growth Italian enterprises.
The Singapore state investment firm Temasek acquired a 9% minority stake in the management company of FSI, a private equity group based in Milan. As part of the agreement, Temasek committed capital to future FSI investment vehicles that target high-growth, small and medium-sized Italian enterprises. FSI manages approximately €5 billion in assets, focusing on export-oriented niche leaders with annual revenues between €70 million and €200 million.
This acquisition expands Temasek's existing footprint in Italy, where it already holds interests in luxury brands including Moncler, Golden Goose, and Ermenegildo Zegna. The firm had previously invested in FSI's first and second funds, as well as the 2026 Scale-up Capital Solutions fund.
The move is part of a broader strategy to invest between €14 billion and €17 billion across Europe, the Middle East, and Africa by 2029. Nagi Hamiyeh, President of Temasek Global Investments, stated that the firm engages company boards on strategy and governance while leaving day-to-day operations to management.
