130 million euros already committed on asset classes in line with the objectives of the 2030 Agenda
The GreenDrops Multiasset Multistrategy Fund is the new fund through which the Venice Foundation will manage its financial investment business in the sustainability sectors. The fund confirms and strengthens the Foundation’s orientation towards investments that meet the ESG (Environment, Social and Governance) social responsibility criteria, entrusting its establishment to the Italian company Fondaco under the supervision of Mercer, the new advisor of the same Foundation.
The adoption of the sustainability criteria responds coherently to the institutional mission of the Foundation, member since January 1st 2020 of the Italian Forum for Sustainable Finance, also orienting the engagement policies of the companies in the new fund, which currently include around 130 million euros, with an increase forecast in relation to the proceeds deriving from the sale of part of the real estate assets of the Entity. The return target, calculated on a net 4% year-on-year basis, will help to meet the needs of local development in an increasingly effective manner, strengthening the Foundation’s intervention actions. In addition to compliance with ESG criteria and the objectives of the UN 2030 Agenda, the migration of assets to the new fund is further motivated by the desire to start an investment path in Private Equity and International Infrastructure Funds markets, to which is added that of Private Debt, according to a logic that maximizes the diversification of the Asset Classes and of the geographical and sectoral distribution.
“The establishment of the new investment fund – underlines Giovanni Dell’Olivo, general director of the Venice Foundation – responds not only to a moral commitment for an institution that makes promoting the growth of civil society its mission, but is also an operational model for all those who intend to follow the path of sustainable investments in a historical period in which sustainability is the key to guaranteeing the future and development of younger generations. Today the Venice Foundation is among the private investors who, in the Venetian metropolitan area, have made the greatest commitment to such a profoundly innovative choice. A choice that will allow us to respond in the most effective way to the challenges posed by the 2030 Agenda and the National Recovery and Resilience Plan, while ensuring more efficient control of the financial risks that the market poses “.