Generali announced on July 20, 2026 that it has launched an investment plan for European strategic autonomy, named the European Sovereignty Program.
The Italian insurer describes it as «an investment program aimed at strengthening the resilience of the European economy, supporting small and medium-sized enterprises (SMEs) and fostering sustainable growth, in line with the European Union’s strategic priorities».
Under the plan, the insurance group will commit €300 million (about $324 million), adopting «a diversified approach across the main asset classes, combining equity and debt instruments, listed and private investments».
This is how Generali explains what the program consists of:
«The objective is to support innovation, strengthen European supply chains and promote industrial competitiveness, contributing to the development of a more resilient and autonomous economy over the long term».
A fund-of-funds structure built on Generali’s asset management arm
The plan will take «the structure of a Fund of Funds and will leverage the distinctive capabilities of the companies within Generali Investments Holding (GIH)». Specifically, Generali AM will be responsible for the two compartments dedicated to private & infrastructure equity and direct lending, while Sycomore AM will manage the compartment focused on listed equity markets.
The insurer specified that the investments will be directed above all at continental Europe, with particular attention to Italy, France and Germany.
Philippe Donnet, Group CEO of Generali, commented:
«The Group’s new investment program further strengthens our commitment to supporting the growth of the European real economy, at a time of increasing geopolitical uncertainty. In its role as insurer and responsible investor, Generali is able to mobilize long-term capital in support of projects that contribute to Europe’s resilience, competitiveness and autonomy. With this initiative we confirm the Group’s determination to put its expertise and investment capabilities at the service of more solid, innovative and sustainable growth».
Luca Cetrano, Group Chief Investment Officer at Generali, added:
«The new investment program allows us to channel capital toward strategic sectors capable of strengthening the continent’s resilience, its strategic autonomy, economic independence and sustainable growth. Through a combination of investments in public and private assets, in line with our disciplined approach and our responsible investor framework, we intend to facilitate access to long-term financing for companies, SMEs and infrastructure, contributing to the development of more resilient, innovative and competitive industrial supply chains».
Filippo Casagrande, Chief of Investments at Generali Investments, said that «Generali Investments is making available the specialist expertise of its asset management platform to capture, through an integrated and complementary approach, the opportunities linked to strengthening European sovereignty».
How, in practice? «The strategies identified allow us to act synergistically and on several levels: from investment in listed companies, with particular attention to SMEs active in strategic sectors, to the direct financing of the SMEs that feed European industrial supply chains, through to the selection of managers specialized in private equity and infrastructure».
Casagrande specified the target areas: «We aim to channel capital toward key areas such as the energy transition, digitalization, cybersecurity, AI, and the strengthening of critical supply chains».
The Draghi and Letta reports as the reference framework
Generali stressed in the statement released on July 20 that «the initiative arises in a context in which Europe faces profound geopolitical and economic transformations, which make it a priority to strengthen its strategic autonomy and the security of its value chains».
The reference is to the reports on European competitiveness and growth drawn up by former Italian prime ministers Mario Draghi and Enrico Letta — the two documents that have framed the EU’s policy debate on industrial capacity and capital markets integration since 2024.
The insurer wrote that «in this framework, in line with the indications that emerged from the Draghi and Letta reports on the future of European competitiveness, investments in energy and independence from raw materials, critical infrastructure, digital transformation and technological innovation are central».
And further: «in this scenario, the contribution of private capital is fundamental to complement public resources and close the financing gap, especially in favor of SMEs, which represent the backbone of the European production system but continue to encounter difficulties in accessing long-term capital».
Through the European Sovereignty Program, using a dedicated investment platform, Generali will invest above all in SMEs, «facilitating access to long-term capital and supporting the resilience of European industrial supply chains».
A move that follows Panetta’s call on private capital
Generali’s announcement comes just days after the appeal launched by the Governor of the Bank of Italy, Fabio Panetta, who in a speech delivered the previous week highlighted the need to mobilize capital in favor of private equity and venture capital as well.
Editor’s note
This article was originally published in Italian on money.it by Laura Naka Antonelli on July 20, 2026 as «Generali lancia il Piano per la Sovranità dell’Europa. Finanziamenti alle PMI e non solo». It has been translated and adapted for an international audience by the Money.it International desk.
