Direct Investments

Fondo Italiano d'Investimento is the product of an institutional project whereby the public and private sector have decided to share the same objectives and modus operandi.
The Fund will work towards a two-fold objective aimed at the following:

a. achieve an adequate return on the capital invested (traditional private equity objective);
b. stimulate and support the capitalisation, consolidation and internationalisation of smaller Italian companies (economic policy objective).

The pursuit of this two-fold objective is what makes the Fund unique in the Italian private equity sector. It is on the achievement of the economic policy objective that the success of the Fund will be measured.

The Fund targets companies with a turnover ranging between EUR 10 and 250 million. With regards to targets that have a minimum turnover, it will not be the initial size of the target that will be taken into consideration , but the potential size that can be achieved as a result of the Fund's intervention to stimulate consolidation and acquisitions.
The Fund 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 Fund 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. Particular focus will be placed on projects that have the potential to produce particularly positive benefits in terms of R&D and employment.
The Fund's investments will span across the whole national territory with a balanced approach with the objective to rebalance investment allocations in areas that have a lower proportion of target companies.

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, lett. d), Royal Decree 267/1942) or debt restructuring agreements (art. 182-bis, Royal Decree 267/1942) although the Fund may consider investments (given the effects of the 2008-2009 crisis) 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.

The Fund invests primarily in minority positions, in order to respect the role and responsibility of the entrepreneur without prefixing a minimum target performance for each investment as the shareholders and investors of the Fund are interested in the overall performance of the portfolio. In line with the Fund's objectives, investments will take forms that ensure that the capital made available is served to finance the development of the company, limiting replacement operations.

Funds for the growth of SMEs

The medium-long term objective is to create a broader spectrum of medium-sized companies, by encouraging the aggregation of smaller companies, allowing them to be more competitive at the national and international level.