The CECI fund was established in 2020 and aims to generate positive social and environmental impact with a particular focus on the sustainable reuse of existing buildings and urban regeneration.

Coima is aiming to raise more than €600 mln by the end of 2022, continuing towards a target of over €1 bn.

Commented CEO Manfredi Catella: 'Exceeding €500 mln in capital committed by primary national institutional investors is an important milestone for the Coima ESG city impact fund.

'This will ensure the fund can deliver on its mission of generating positive social and environmental impact through the sustainable reuse of buildings and urban regeneration, helping accelerate the transition of Italian cities to a low carbon economy.

'Over the first two years of the fund, we have been able to amplify its investments by over €1 bn with a multiplier of five times compared to its committed capital, and over the next 12 months we expect to undertake investments of over €2 bn.'

To date, the fund has an investment pipeline exceeding €1 bn, with the total investments completed exceeding €1.5 bn with 1.5x equity multiple. The fund is targeting over €4 bn in investment over its 20-year life.

The Enpam Foundation – Italy's national insurance and assistance body for doctors – joins investors Cassa Forense, Cassa Dottori Accountisti, Inarcassa, BCC Credito Cooperativo, Cariparo Foundation, Compagnia di San Paolo and Coima itself.

During the first 24 months of its life, the fund invested both in building re-use projects and a range of urban regeneration projects.

These have included the regeneration of the Porta Romana railway yard in Milan, which will include the 2026 Winter Olympics Village and will, in collaboration with Covivio and Prada Holding, see an abandoned site revitalised and sustainably regenerated as part of a major project.