[3] The fund was set up by the state-controlled lender Cassa Depositi e Prestiti (CDP) on the directive of Economy Minister Giulio Tremonti, emulating a similar fund in France, allegedly after French dairy company Groupe Lactalis SA made a successful takeover bid for Parmalat.

[5][6][7] In September 2011, Maurizio Tamagnini, formerly a top investment banker at Merrill Lynch, was hired as the CEO of the fund.

In addition, the Fondo Strategico Italiano has an option to acquire a majority stake in Kedrion from Sestant.

[12] Also in May 2012, the defence and aerospace group Finmeccanica agreed to sell its 14% stake in aero-engine parts maker Avio to the Fondo Strategico Italiano.

[14] It was announced in March 2014, that the Fondo Strategico Italiano had made a non-binding offer for a 30% stake in the Spanish olive oil producer Deoleo.