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Equita Smart Capital – ELTIF reaches EUR50m first close

Equita Capital SGR – the alternative asset management company of the Equita Group – and Cordusio SIM – the wealth management boutique of the UniCredit Group – have held the first closing of Equita Smart Capital – ELTIF, a private equity and alternative PIR fund which will invest in Italian small and medium enterprises. 

After just a few months of marketing, Equita Smart Capital – ELTIF has reached EUR50 million of commitments, well above the EUR30 million threshold necessary to first close the fund and including a commitment from a primary institutional investor.
The focus on Italian private equity and the tax advantages offered by the regulation of alternative PIR products are some of the crucial factors that have driven investors’ interest in the fund. Equita Smart Capital – ELTIF aims to support entrepreneurs and the management teams of Italian small and medium private companies to execute their strategies and growth plans with long-term financial resources and management expertise. Equita Smart Capital – ELTIF benefits from the unique combination of skills and know-how of the Equita Group, including the ability to generate a recurring and diversified stream of investment opportunities.
Cordusio SIM, part of the UniCredit Group, has supported Equita Capital SGR since the very beginning of the project and acted as first distributor of Equita Smart Capital – ELTIF.
Stefano Lustig, Co-Head of Alternative Asset Management at Equita Capital SGR, and Rossano Rufini, Head of Private Equity at Equita Capital SGR – co-sponsors of the project – commented: “The results achieved by Equita Smart Capital – ELTIF during the initial distribution phase are encouraging. The strong interest in our fund is evidence that ELTIFs are the right instrument to ensure the flow of private savings into the real economy and we are firmly convinced that investing in small and medium private companies is an inclusive model.”
Matteo Ghilotti, Chief Executive Officer at Equita Capital SGR, commented: “Equita Smart Capital – ELTIF is a strategic initiative for Equita. It enriches our investment product offering and strengthens our focus on SMEs. The fund allows both institutions and retail investors to invest in the real economy. What we have achieved with this first fundraising phase is the result of efficient and informed distribution capabilities of partners like Cordusio.”
Manuela D’Onofrio, Head of Group Investment Strategy at UniCredit and Head of Investment & Solutions at Cordusio, says: “In market contexts where bonds can no longer be a preponderant part of the portfolio, if we want to deliver positive returns, we advise clients to introduce in their portfolio investment strategies that are positively correlated with the real economy. This ELTIF, like all private market instruments, is part of the “mission/goal-shaped” type of investment that we share with our clients. Without forgetting the great virtuous advantage of the Equita Smart Capital – ELTIF which allows to allocate savings to productive activities in our country that can facilitate recovery, create jobs and determine a positive social impact. Goals shared by UniCredit which, with targeted programs, continues its commitment at the forefront of supporting Italian companies and the real economy.”
The fund has a horizon of eight years starting from the date of the First Closing, and an investment period of four years. The targeted gross return in terms of internal rate of return (IRR) is set between 12 per cent and 14 per cent per year, calculated over the entire life of the fund and representing a multiple on invested capital (MOIC) of about 1.8x.

Equita Smart Capital – ELTIF aims to raise EUR140 million in total. Equita Capital SGR and the fund’s management team will invest alongside investors to guarantee full alignment of interests. The fund is available to both professional investors and individual investors with an adequate financial profile.
Equita Capital SGR has also signed a distribution agreement with Allfunds Bank and other selected distributors, joining Cordusio to support the distribution phase.

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