The AIF targets companies with a turnover ranging between 10 and 250 million Euro, as part of "expansion capital" operations aimed at funding the development of established companies, which may also include the funding of acquisitions..
Other targets may include replacement operations involving the restructuring of a company's shareholder base whereby the AIF can replace minority shareholders that are no longer interested in the company, and also management buy-in/buy-outs aimed at supporting the acquisition of companies that are in difficulty due to generational changes and developing potential consolidation processes with the involvement of internal and external managers.
The AIF will invest in companies that are financially solid, with acceptable current and expected profit margins and that have, above all, significant potential to create value.
As part of this investment policy, the AIF's investments will focus particularly on SMEs that:
- present interesting development prospects at national and, above all, international level;
- intend to complete consolidation processes in order to strengthen their position in national and/or international markets;
- - offer potential to enhance brands, patents or specific know-how or that use advanced and innovative processes and technologies;
- are family run businesses undergoing generational or management change;
- have a highly efficient, professional and experienced management team
The AIF will give preference to companies that are qualitatively, technologically, structurally and culturally able to position themselves as innovative, and hence distinctive players on the national and (above all) international market.
The AIF aims to support the development processes of the company, as well as promoting aggregations. Priority will be given to companies that submit significant and credible development and consolidation plans that are likely to produce entities that have the potential to become key players in their sector, and at the international level.
The Fund does not invest in:
- start-ups, with exception of companies developing diversification initiatives led by companies or entrepreneurial groups that are already active in the industry;
- companies undergoing bankruptcy proceedings or that are subject to turnaround processes (art. 67, subsection 3, paragraph d), Royal Decree 267/1942) or debt restructuring agreements (art. 182-bis, Royal Decree 267/1942) although the Fund may consider investments in companies that have already completed a turnaround process and now have a new development plan;
- speculative-type publicly traded companies;
- real estate companies and financial services providers.