Temasek acquires 9% stake in FSI and commits to future funds

Temasek acquired a 9% minority stake in the management company of Milan-based private equity group FSI and committed additional capital to its future funds, the firms said in a joint statement on Sept 28, 2026. FSI manages about €5 billion focused on Italian mid-sized companies. Financial terms were not disclosed. Temasek manages a portfolio valued at S$518 billion, has invested in Italy for more than a decade including stakes in Ermenegildo Zegna, Golden Goose and Moncler, and previously backed FSI funds. The deal advances Temasek’s push across Europe, the Middle East and Africa, where about 12% of its portfolio sits, mostly in Europe. Italy’s mid-market covers firms with revenue of €70 million to €200 million and EBITDA of €10 million to €30 million. Nagi Hamiyeh said the partnership extends Temasek’s Europe strategy into that segment. Maurizio Tamagnini said: "Italy is home to some of Europe’s most remarkable SMEs, and FSI has become the bridge through which the world’s leading institutional capital reaches them." Outlets agree on the core terms; further fund commitments lie ahead.