The AIF seeks to achieve an appreciation of its assets, with the objective to ensure the achievement of sufficient income from the capital invested, through transactions and initiatives for the - diversified and indirect (fund of funds) - financial support of developing small and medium-sized enterprises, having particular regard to highly innovative market areas and sectors.
More specifically, the AIF invests in UCIs and/or investment companies whose investment policies focus on venture capital transactions to be carried out through the financing of start-up projects and development of innovative projects (seed capital), in UCIs specialized in technology transfer (first stages of birth and development of the entrepreneurial idea), both on an early stage (seed stage) and late stage (already existing firms with a high growth potential, requiring capital to develop innovative projects designed to represent a significant part of the company’s activity and of the expected growth), as well as in UCIs operating in the low-mid cap sector (so-called expansion and growth capital).
The Management Company will primarily invest in target funds operating in the same territory and sector and in target funds that focus their investments in the venture capital sector in Italy or that commit to invest in such sector a share at least equal to the AIF’s commitment, which are selected on a professional basis, and:
- have an investment policy and duration, as set out in their respective fund rules or memorandum of association, substantially in line with the AIF’s. More specifically, with regard to duration, this should be functional to the target company’s plan; with regard to profitability, this should be suitable and assume a balanced leverage to support the transaction;
- are managed by managers with a proven expertise in the private equity and venture capital sectors and a specific knowledge of the Italian market;
- are able to provide timely and accurate reports;
- whose accounts are audited by a primary auditing firm.
The AIF investments may, generally, not exceed 50% (fifty per cent) of the aggregate commitment of each of the invested funds.