Temasek has acquired a 9% minority stake in the management company of Italian growth-equity investor FSI. The Singapore investment company also committed additional capital to future FSI funds. Financial terms beyond the percentage holding were not disclosed.
FSI manages about €5 billion and invests mainly in established Italian mid-sized companies. Temasek was already an investor in FSI’s funds before taking the management-company stake. The transaction extends that relationship to a minority stake in FSI’s management company.
PARTNERSHIP EXTENDS ACROSS FSI FUNDS
Temasek invested in FSI I, which closed in 2019, and in FSI II, which closed in 2024. FSI said the first fund had completed eight exits across 11 portfolio companies. The second was described by the firms as Europe’s largest fund dedicated to a single country when it closed.
Temasek is also an investor in FSI’s Scale-up Capital Solutions fund, launched in 2026 for high-growth Italian small and medium-sized companies. The new agreement includes further commitments to future investment vehicles. Neither company disclosed the amount or timing of those additional commitments.
ITALIAN EXPOSURE GAINS A LOCAL PLATFORM
Temasek reported a net portfolio value of S$518 billion at 31 March 2026. A senior Temasek executive told Reuters in July that it had invested about €13 billion across Europe, the Middle East and Africa over the previous two years; Temasek said in 2024 that it aimed to invest up to about €17 billion in the region by 2029. Its Italian holdings already include interests in Zegna, Golden Goose and Moncler.
The firms said the partnership combines FSI’s local market knowledge, relationships with Italian entrepreneurs and sourcing capabilities with Temasek’s long-term investment horizon, sector expertise and global network.