Italy sees first ‘below-threshold’ Sicaf fund

Business launchOltre Venture has launched Italy’s first self-managed, ‘below-threshold’ Sicaf fund since the structure came into Italian law under the Alternative Investment Fund Managers Directive.

Oltre Venture is an investment holding company established by Luciano Balbo and Lorenzo Allevi, and its Sicaf fund is the Oltre II Sicaf EuVECA SpA.

It is the first operational, self-managed Sicaf authorised by the Bank of Italy that operates below threshold, meaning it needs a minimum of €50,000 of capital and can only market to professional investors. Above-threshold funds must have a minimum of €1 million and are open to all investors.

Caceis, the custody bank arm of France’s Credit Agricole, has been appointed as depositary and custodian to the fund.

The fund is a venture capital vehicle investing in companies “with a strong social impact” in sectors linked to, among others, personal services, education, social housing, and the distribution of locally produced products.

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