CDP approves its first investment in a diversified credit fund to support SMEs

  • A 50 mln Euro investment in the Diversified Credit Fund for the Companies of Springrowth SGR (Asset Management Company)
  • Loans of up 1.5 billion Euro to support the companies
  • A Pilot Pan-European Platform for Alternative Financing

Rome, 16 October 2017 – Improving access to credit for Italian SMEs and Small Mid-caps by developing alternative funding channels: this is the objective that the Cassa depositi e prestiti (CDP) is pursuing with the 50 million investment in the Diversified Credit Fund for Companies promoted by Springrowth SGR.
CDP is the anchor investor, together with the European Investment Fund (EIF) of the diversified credit Fund – the first of its kind in Italy.
The objective of the Fund is to fund 500 million Euro, a target of at least 100 companies and a potential funding volume of up to 1.5 billion Euro, thanks above all to the possibility of reinvesting the loans repaid by companies and the co-operation model introduced with the banking system.
Two aspects of the initiative promoted by Springrowth SGR make it indeed unique on the Italian financial scenario: the use of a cooperative scheme that is fully complementary to the banking system for origination and loan services, including the high diversification and granularity of investments
CDP’s commitment, together with Springrowth SGR, is the pilot operation of a more extensive cooperation project between CDP, FEI and other National Promotion Institutes, whose scope is to create a pan-European platform to encourage the development of an Alternative Financing Market, in order to facilitate access to credit for SMEs.
A Leader in Europe for Investment Platforms under the Investment Plan for Europe, CDP has already promoted and participated in other pan-European initiatives, such as the ENSI Platform, whose scope was to relaunch the SME securitisation market, and the ITAtech investment platform, to support early stage venture capital.

Antonella Baldino, Chief Business Officer of CDP, had this to say: “The Alternative Financing Market allows the best small and medium-sized businesses to access new medium and long-term credit channels. With the first direct investment in the Fund launched by Springrowth SGR, after the recent entry into the capital of ELITE and FII SGR‘s role of anchor investor in the “Private Debt” Funds, CDP intends to promote the development of this market, by expanding tools and dissemination, above all in synergy with European partners, as part of a broader strategy to support access to credit by companies”.
Massimo Di Carlo, Chief Executive Officer of Springrowth SGR said: “We are proud to have Cassa depositi e prestiti as an investor. We have personally been able to appreciate the selectivity and depth of their investment process. Our business model is based on a solid independent due diligence that combines quantitative and qualitative analyses for allocation of ratings. CDP’s investment is yet another important step in the process of our Asset Management Company, whose scope is to complete the closing of its first fund in the coming months”.

 

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