Temasek, a Singapore state-owned global investment company, has bought a 9 percent stake in FSI, an Italian growth-equity manager, and pledged to invest in its future funds.

In a statement on Monday, Temasek said the move can deepen its push into Italy and the wider European market. Temasek did not provide other financial detail.

The minority stake is in FSI’s management company, which runs its funds and earns management fees and a share of investment profits. The investment can give Temasek a claim on the platform itself.

Temasek, already an investor in FSI’s funds, will also commit capital to its next vehicles, including one focused on high-growth Italian small and medium-sized companies.

Temasek, with a net portfolio of S$518 billion ($401 billion) as of March 2026, has invested in Italy for more than a decade, holding stakes in luxury names including Ermenegildo Zegna, Golden Goose, and Moncler.

It has been stepping up across Europe, the Middle East, and Africa (EMEA), targeting €14 billion to €17 billion of investment in the region by 2029. Temasek deployed €13 billion in the two years to March 2026.

FSI manages about €5 billion and invests in mid-market Italian companies, taking minority positions alongside founders and families. It funds have produced first-quartile returns over 15 years, with portfolio companies averaging annual revenue growth above 20 percent.

Nagi Hamiyeh, president of Temasek Global Investments and head of its EMEA region, said Italy was central to Temasek’s Europe strategy. The FSI partnership can extend that into the mid-market, helping Italian companies expand abroad.

Maurizio Tamagnini, FSI’s chief executive, said Temasek had been a founding investor in its funds and the deal rested on a shared investment approach built over years.

The two said the tie-up would channel more international capital to Italy’s mid-market and founder-owned firms. FSI has invested in 25 Italian companies and completed more than 50 add-on acquisitions.

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