SOFAZ Invests in Italy’s High-Speed Rail Operator Italo

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has joined a fund vehicle led by U.S.-based Global Infrastructure Partners (GIP), a part of BlackRock, to invest €34.5 million in Italo – Nuovo Trasporto Viaggiatori S.p.A (Italo), Italy’s premier private high-speed rail operator.
Since its launch in 2012, Italo has revolutionized Italy’s rail sector as the country’s first private high-speed passenger train operator. The company operates a fleet of 25 AGV 575 trains—capable of reaching speeds of up to 360 km/h—and 26 Italo EVO trains, covering routes across 54 Italian cities, including the heavily trafficked Milan-Rome corridor.
In 2024, the global container shipping company MSC acquired approximately 50% of Italo from GIP. The remaining 50% stake continues to be held by GIP managed fund vehicles, which includes SOFAZ, and GIP co-investors.
Italo has demonstrated strong operational performance and growth potential, benefiting from increasing demand for sustainable mobility solutions. This investment aligns with SOFAZ’s strategic objective to generate long-term value and diversify its portfolio through gaining exposure to resilient and sustainable infrastructure assets.