(Finance) – The Start-up Bill approved by the Senate, which must now return to the House, also contains the provision that concerns small and medium-sized enterprises (SMEs) with which the “Fund of Funds” is establishedwhich should see the light in the early months of next year.
The fund is structured through the expansion of a tool for businesses already created in Cassa Depositi e Prestiti during the Covid period, namely “Patrimonio Destinato”. The law provides that 49% of the shares are owned by CDP and that the remaining 51% of the amount of the assets “be subscribed by private co-investors under the same conditions as the Dedicated Assets”.
In the context of market-based operations, it may “carry out interventions through the subscription of shares or units of newly established collective investment schemes established in Italy” which invest “mainly in securities listed on regulated markets or Italian multilateral trading systems issued by medium-small capitalization issuers with registered office or significant and permanent establishment in Italy, also with annual turnover less than 50 million euros“.
The new provisions may also include “securities issued by issuers who have successfully completed the Listing admission process on regulated markets or Italian multilateral trading systems, with a certain start date of trading”.
“Satisfaction for the approval in second reading of the PDL Start up, further enriched by the Senate, in particular with the fund of funds. This rule will make the difference in the innovation sector and on the financial markets”, said the League MP Giulio Centemerogroup leader in the Finance Committee and first signatory of the bill.