This Fund invests in the Italian private debt market, a market for SMEs.
To achieve its objective, the Fund invests in funds or other investment vehicles whose investment policies focus on debt instruments issued by SMEs characterized by a stability or expected growth of cash flows, a very clear market position, an efficient business direction and a knowledgeable and experienced management team.
More specifically, the target funds will primarily invest in:
- listed minibond;
- minibond not listed in any regulated market nor traded in any multilateral trading facility;
- bonds and other securities representative of debt, including investment bonds or cum warrant, either newly issued or already outstanding, issued also by non listed companies;
- other types of debt instruments as well as medium/long-term loans and advances against credit assignment.
Moreover, subject to the above, the invested funds:
- can invest, up to 20% of the amounts subscribed in the same target fund, in minority stakes;
- must commit themselves to allocate to SMEs with registered or head offices in Italy a part of the invested resources in proportion to the commitment subscribed by the Fund in the same target fund;
- must be managed by experienced professionals in sectors related to the investment object of the target fund (corporate finance, private equity and related sectors), capable of evaluating, structuring and monitoring the investments;
- must have permanent establishment in Italy;
- may not invest, in turn, in other UCIs or collective investment vehicles (howsoever established).
The Fund maximum investment amount cannot exceed 50% of the commitment of each target
An internal Technical Committee will assist the Fund in the performance of its activities, in accordance with the provisions set out in the Regulation