Generali has launched a €300 million investment programme targeting European small and medium-sized enterprises, strategic infrastructure, and key industrial sectors. The group said the initiative directly responds to a structural financing gap for European SMEs.
The European Sovereignty Program will be structured as a fund of funds managed through Generali Investments Holding (GIH). Generali AM will handle private and infrastructure equity and direct lending, while Sycomore AM will cover listed equity markets.
Philippe Donnet, group chief executive of Generali, said the programme reflected the company's position as both insurer and investor. "In our role as a responsible insurer and investor, Generali can mobilise long-term capital in support of projects that concretely contribute to Europe's resilience, competitiveness and autonomy," Donnet said.
The share of financially constrained small businesses in the EU rose to 7.6% in 2024, according to the European Investment Bank's Investment Survey. The figure was up from 4.7% in 2021 as tighter credit conditions and limited access to long-term capital persisted across the continent.
Investments will be directed primarily at continental Europe, with a particular focus on Italy, France, and Germany. Target sectors include energy transition, digitalisation, cybersecurity, artificial intelligence, and the strengthening of critical value chains.
The launch follows recommendations from the Draghi and Letta reports on European competitiveness, both published in 2024. The Draghi report put the EU's minimum additional annual investment need at €750 to €800 billion to meet its decarbonisation, digitalisation, and growth targets.
Luca Cetrano, group chief investment officer of Generali, said the programme would channel capital towards sectors central to continental resilience and economic independence. Cetrano, who was appointed to the role in June, said it aimed to facilitate access to long-term financing for companies, SMEs, and infrastructure.
The programme will combine equity and debt instruments across listed and private asset classes. Investments will be allocated across private and infrastructure equity, direct lending, and listed equity markets.
Generali positioned the programme as a complement to public funding rather than a replacement. Both EU reports argued that private capital is central to closing the continent's investment gap.
Generali's Fenice 190 plan, launched in 2021, mobilised €3.5 billion to support the European post-Covid economic recovery. The European Sovereignty Program represents the next phase of that commitment to the real economy.
Generali reported total premium income of €98.1 billion and assets under management of €900 billion in 2025. The group serves 75 million customers across Europe, Asia, and America.
