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Federico Merola

Federico Merola
Titolare di Insegnamento


  • Managing Director, Arpinge SpA: equity investment company in infrastructure;
  • Luiss University: lecturer of the International Finance course (Department of Business and Management) and Adjunct Professor at Luiss Business School.
  • Email Luiss:

Federico Merola has 25 years of experience in infrastructures, real estate, project and export finance, asset management, financial markets and private equity.

Currently Managing Director and Board Member at Arpinge Spa, equity investment company in infrastructures established and owned by three main Italian Pension Funds.

Furthermore, Indipendent Board Member at SACE, the Italian Export Credit Agency, owned by Cassa Depositi e Prestiti Spa and Indipendent Board Member at Finpiemonte.

Previously, Indipendent Board Member at Invimit SGR (MEF), Geoweb (Sogei) e BNP Paribas REIM SGR.

Among other relevant positions held: General Director of ANCE, Senior Partner in F2i SGR, CEO of REAM SGR, General Director of FIMIT SGR, Manager in the Project Finance Department (PFD) of Schroeders in London and in the PFD of Mediocredito Centrale SpA, where he was responsible for large international transactions of project / export finance, mainly in the Oil & Gas sector.

Among international assignments held, the most significant have been: member of the expert group set up in Brussels by the European Commission on the closed-end and the real estate investment funds (2007-2008), and Member of the “Frankfurt Club” (renegotiation of the public debt of Former Soviet Union towards private investors, 1997-1998).

Lecturer of Economic Statistics at the Faculty of Economics, University of Viterbo (2003/2005) and Lecturer at LUISS Business School: “EREF, Real Estate” (2015); "Finance for Real Estate" (2007- 2008); "International Finance" (2002/2004), Master of Infrastructure (2018).

Author of papers and researches focused on innovation in finance (closed-end funds, real estate funds, project finance), the credit and financial markets; he published various books with “Edizioni del Sole 24 Ore“, “Franco Angeli” and “Il Mulino”. He has cooperated with some of the main Italian newspapers, such as “Il Sole 24 Ore”, “Il Corriere della Sera”, and with other newspapers or specialized magazines. Finally, he has been a member of several scientific committees (i.e. Nomisma, Assoimmobiliare).

Graduated with honors in Economics at LUISS University in Rome (1989), and titled as Chartered Accountant and Auditor.

Pubblicazioni principali (ultimi 10anni)

  • “Pension Funds among autonomy and responsability”, published by LUISS University Press, coordinated by F. Merola, M. Caroli, C. Iaione and P. Fersini (November 2017).

  • “Infrastructure: towards a new project culture”, published by LUISS University Press,coordinated by F. Merola (January 2017) who is also author of the chapter “Private investments in infrastructure: a way to build with finance, rules and projects of great quality”.
  • “Pension Funds investing in real economy” – Editore Rassegna Sindacale (June 2017).

  • “The hard path of institutional investors to invest into the real economy” – Mondo Alternative (July 2016).

  • Article: “Pension Funds investing in infrastructure: finance, rules and quality of projects”, published by AGICI – Management delle utilities e delle infrastrutture Journal (January 2016).
  • Interview: “Juncker Won’t wait For Us” - Milano Finanza, edited by A. Messia (April 2015).

  • “Beyond Quantitative Easing”, paper published by Astrid (March 2015).
  • Interview: “We also need a “Whatever It Takes Approch”- Affari & Finanza - La Repubblica, edited by A. Bonafede (March 2015).
  • Interview: “Ready to Invest in Fifteen Projects” – Affari & Finanza - La Repubblica, edited by A. Bonafede (September 2014).
  • “Increasing the Value of Public Assets and Promoting Their Privatization. Aiming to Sustainable Growth in the Long Run: Lower Debt and Higher GDP”, paper published by Astrid and written with other high qualitied co - authors (September 2013).
  • “Credit Funds to Beat Credit Crunch”, Il Sole 24 Ore (July 2013).
  • Interview: “Small Construction Yards and New Schools Will Beat the Crisis” - Mondo Immobiliare Insert - Il Sole 24 Ore (December 2010).
  • “Aiming to Growth. For a Capitalism without Economic Rent and with Capital”, Il Mulino Publishing - Research and Studies, edited by R. Costi and M. Messori (May 2005 co-author of Chapters 1 and 3).
  • “Real Estate Funds. An Instrument between Finance and Real Estate”, Il Sole 24 Ore Publishing (July 2004 - three reprints).
  • “Project Financing”, publication for the National Observatory on Project Financing (sponsored by the Italian Government, the Ministry of Treasury and Unioncamere 2002-2004)
  • “Pension Funds. At a Crossroads between State and Market”, Il Sole 24 Ore Publishing (October 1997 - co-author with G. Imperatori).
  • “Retirement Savings and Pension Funds”, Franco Angeli Publishing, edited by D. Pace and L. Spaventa (1993 - chapter 7: “Supervisory Models on Pension Funds in Major European Countries”).