Generali has launched a €300 million European Sovereignty Program aimed at improving access to long-term financing for small and medium-sized enterprises (SMEs), strategic infrastructure projects and key industrial sectors across Europe.
Structured as a fund of funds, the programme is designed to help address the financing gap facing European SMEs while supporting investments in sectors including energy transition, artificial intelligence, cybersecurity and digitalisation.
Focus on strategic sectors
The investment programme will be managed through Generali Investments Holding (GIH), with Generali AMoverseeing private equity, infrastructure equity and direct lending strategies, while Sycomore AM will manage listed equity investments.
Generali said investments will primarily target continental Europe, with particular emphasis on Italy, France and Germany.
The programme will deploy both equity and debt instruments across listed and private markets, supporting companies and infrastructure projects that contribute to Europe’s resilience, competitiveness and strategic autonomy.
Priority sectors include:
- Energy transition
- Digitalisation
- Artificial intelligence
- Cybersecurity
- Critical value chains
Addressing the SME financing gap
The initiative comes as European SMEs continue to face tightening financing conditions.
According to the European Investment Bank’s Investment Survey, the proportion of financially constrained SMEs in the European Union increased from 4.7% in 2021 to 7.6% in 2024, reflecting more limited access to long-term capital.
Generali said the programme is intended to complement public funding initiatives by mobilising private capital for businesses and infrastructure projects.
The launch also follows recommendations contained in the Draghi and Letta reports on European competitiveness, both published in 2024. The Draghi report estimated that the European Union requires between €750 billion and €800 billionin additional annual investment to meet its decarbonisation, digitalisation and economic growth objectives.
Executive comments
Philippe Donnet, Group Chief Executive Officer of Generali, said the insurer is seeking to use its investment capabilities to support Europe’s long-term economic resilience.
“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.”
Luca Cetrano, Group Chief Investment Officer of Generali, said the programme is intended to improve access to long-term financing for companies, SMEs and infrastructure projects operating in strategically important sectors.
Building on previous investment initiatives
The European Sovereignty Program follows Generali’s Fenice 190 initiative, launched in 2021, which mobilised €3.5 billion to support Europe’s post-pandemic economic recovery.
Generali reported €98.1 billion in total premium income and €900 billion in assets under management during 2025. The insurer serves approximately 75 million customers across Europe, Asia and the Americas.
