Poste Italiane launches co-investment fund targeting €600 million

Poste Italiane has launched the BPF Alternative Co-Investment Fund with a target size of €600 million to finance co-investments through its insurance business. The company has identified a 20-megawatt data-center pilot, but has not disclosed how much of the target is earmarked for data centers.

Poste Italiane said in its November 12 investor presentation that the fund will invest on behalf of policyholders through Poste Vita segregated funds, with the stated aim of generating stable long-term returns.

The first disclosed direct co-investment is a data-center project totaling 20 MW of capacity. Poste Italiane said the fund, Noovle, TIM and a third-party investor would provide the project’s equity. It did not disclose the project’s total cost, the amount of fund capital committed to it or the ownership shares among the equity participants.

The presentation depicts an indicative financing mix of about 20% equity and 80% debt for the pilot. Poste Italiane said the debt would finance 80% of the total investment off balance sheet, while projects under the model would use dedicated special-purpose vehicles outside the group’s consolidation perimeter.

The €600 million figure is the fund’s overall target, not a disclosed commitment to data centers. The opened materials do not include governing documents establishing that the full target is reserved for data centers or AI infrastructure. Poste Italiane said the Bank of Italy approved the fund on September 4; no separate public approval record was located.