Indirect Investments

The Fund will also carry out indirect investment operations – "fund of funds" – in non-publicly traded financial instruments consisting of shares in private equity funds (UCIs) or shares in financial companies (articles 106 and 107 of the TUB - Consolidated banking act), including start-ups, that have a business vision that is predominantly territorial.

These must meet the following requirements:

- their investment and risk management policy and duration, as resulting from their regulations and articles of association, are in line and consistent with those of the Fund;
- their management has proven experience in the private equity sector and specific understanding of the Italian market with particular regard to SMEs; - they are able to submit timely and accurate reports;
- their accounts are audited by a reputable auditing firm.

The Fund's investment cannot exceed 50% of the commitment of each Fund or financial company.

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.