Clessidra SGR, a management company in the Italian private equity market, has expanded its business scope by entering the bank credits segment, with a specific focus on the Unlikely to Pay receivables.
Clessidra seized the opportunity to expand into this market with the launch of a new fund dedicated to institutional investors, the Clessidra Restructuring Fund.
The Clessidra Restructuring Fund (CRF) includes two compartments dedicated respectively to the credits component and the new finance component. The credits compartment features receivables sold by 10 banking and financial groups towards 14 Italian companies, which are currently undergoing a financial and industrial relaunch but with solid fundamentals. The financial institutions contributing their credits include Amco (formerly SGA), BancoBPM, Banca Cremasca e Mantovana, Banco Desio, Credito Padano, BNL, BPER, La Cassa di Ravenna, MPS, and UBI Banca. As for the new finance compartment, Clessidra has raised from an Italian institutional investors’ base the financial resources necessary for the relaunch and development of the companies in its portfolio.
Federico Ghizzoni and Giovanni Bossi lead the management team, joined by Massimiliano Fossati, Silvio Longari and Luca Marson.
“Three years since Italmobiliare joined Clessidra – explained Carlo Pesenti, Chairman of Clessidra SGR – the CRF fund marks an ambitious step towards the diversification of the company’s activities, historically focused on private equity. This initiative underlines the industrial approach that Italmobiliare pursues in the development of its portfolio companies.
“By launching the CRF fund, Clessidra extends its range of intervention tools to encourage the relaunch, growth, and valorisation of medium-sized Italian companies with solid fundamentals.”
Federico Ghizzoni, head of CRF management team, adds: “With the CRF fund we want to become partners with banks, through the maximisation of the recovery rates of the credits, and a growth enabler for medium-sized Italian companies, through the new financial resources dedicated to their relaunch and development.”
“The CRF fund – concluded Giovanni Bossi, head of CRF management team – represents a unique platform in terms of the number of companies involved and the market innovation promoted through its multi- originator and multi-target approach. A new solution is now being introduced to the market, enabling companies to develop to their best advantage.”