Mediolanum State Street SGRpA, a joint venture between State Street Global Advisors and the Italian asset management firm Mediolanum, has launched its first Italian private equity fund of funds, Fondamenta.

Fondamenta's initial close was at €160m ($142m), with a duration of 10 years. The fund is registered in Italy and authorised by the Banca d'Italia, with Banca Commerciale Italiana acting as custodian.