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EIF launches new EUR 2 billion Asset Management Umbrella Fund with first investor to support European SMEs

    Date: 14 December 2017

The European Investment Fund (EIF), part of the EIB Group, is announcing a new EUR 2 billion Asset Management Umbrella Fund (AMUF) to attract new risk capital investments for SMEs across Europe over the next three years.

The new Asset Management Umbrella Fund will help to increase the amount of risk capital available for investment activity in Europe, whilst maximising investments from institutional sources. The fund structure responds to Institutional Investor’s requests to EIF to enable access to European Private Equity/Venture Capital markets and to reach Europe’s best performing managers. By offering a cost-efficient investment vehicle and benefiting from EIF’s unique market position and track record in European PE/VC investments, investors can access this high performing asset class.

Investors into the fund will include European Institutional Investors (Insurance Companies, Pension Funds) and Sovereign Wealth Funds. Earlier this year, EIF signed a Memorandum of Understanding (MoU) with Cassa Forense (CF), one of the largest private pension funds in Italy, to explore further strategic cooperation in the European equity investments arena, with a particular focus on financing SMEs and Mid-Caps. In less than six months since the MoU signature, CF has completed a thorough Due Diligence process and now committed to invest EUR 175 million into European PE/VC funds via EIF’s Umbrella Fund.

Cassa Forense will enter as anchor investor, in the new EUR 2 billion AMUF. The partnership of CF with EIF through the subscription of the AMUF has become one of a kind: EIF is a long-term institutional investor that shares with other institutional investors, in particular with pension funds investors, the mission of supporting and developing the European economy.

Dario Scannapieco, Chairman of European Investment Fund commented: “I am delighted to be announcing EIF’s new Asset Management Umbrella Fund which will create new SME financing options for Institutional Investors across Europe. Today, EIF welcomes the commitment of the first Institutional Investor in the vehicle – Cassa Forense as a significant investor and will soon be announcing additional investors in this fund. EIF is a firm believer in the potential of innovative start-ups across Europe and this new Asset Management Umbrella Fund will be instrumental in catalysing private sector investments looking to identify the next leading innovators, whilst further strengthening the start-up ecosystem.”

Nunzio Luciano, President of Cassa Forense, commented: “As president of Cassa Forense, I am very pleased to follow up on the Memorandum of Understanding we have signed with EIF. Becoming the first institutional investor into the AMUF is for Cassa Forense a source of pride and responsibility. Cassa Forense, as the assistance and welfare agency for Italian lawyers is deeply convinced of the need to invest in the real economy, above all to enhance the action of small and medium-sized enterprises. For Cassa Forense it is important to stimulate the economic growth of the territory within which their members are inserted and act. Italian professionals, and especially lawyers, must take actions useful to the development of the economy of their country and increase their role into society.”

Pier Luigi Gilibert, Chief Executive of European Investment Fund added: “This is an important strategic announcement for EIF as it opens up a new stream of Institutional Investors that wish to enter into a partnership built upon our deep knowledge and unique position in the European PE/VC market space.”

John Holloway, Chairman of the AMUF Board of Managers commented: “The launch of the Asset Management Umbrella Fund is the result of a strong partnership between EIF and our investors and jointly we have designed this new initiative for the benefit of European SMEs. I am pleased to welcome the commitment of Cassa Forense as our first institutional investor and look forward to announcing additional institutional investors in the coming months.”

The new Asset Management Umbrella Fund offers unparalleled access to the best performing managers within the European SME market garnered from EIF’s 20 year commitment and market developmental role. The new fund benefits from EIF’s proven expertise capabilities of delivering double digit returns and allows institutional investors to allocate their resources according to their individual risk/return profile.

About the European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses by helping them to access finance. EIF designs and develops both venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

About Cassa Forense

Cassa Forense is the social security and assistance institution of Italian lawyers. The task of Cassa Forense is to provide social security and welfare benefits based on the mandatory contribution of over 240,000 members. Cassa Forense continues investing in the real economy in the context of a new concept of welfare: a strategic and farsighted welfare in the interest of lawyers and Italy. The president of Cassa Forense is the lawyer Nunzio Luciano, who is also deputy vice president of AdEPP (the association of Italian welfare and welfare agencies). In addition to the Bureau, the other bodies of Cassa Forense are the Board of Directors and the Committee of Delegates directly elected by the lawyers' orders.

About the Asset Management Umbrella Fund

The Asset Management Umbrella Fund (AMUF) is a multi-compartment, multi stage and multi-strategy fund established in Luxembourg. The objective of the AMUF is to offer to investors a broad exposure to a diversified pool of investment funds focussed on EU SMEs, notably in venture capital and private equity. The first three compartments of the AMUF are European Growth Capital, European Technology Venture Capital and European Life Sciences Venture Capital which are   respectively targeting investment funds focusing on generalist growth capital strategies, technology (such as ICT) venture capital strategies and life sciences venture capital strategies. The AMUF is reserved to professional investors. It was incorporated on the 17 October 2017 as a corporate limited partnership and registered as a reserved alternative investment fund with the CSSF on the 23 November 2017.

Press contacts:

EIF: David Yormesor
Tel.: +352 426688346
e-mail: d.yormesor@eif.org

Cassa Forense:
Franca Martellone
Tel.: +39 3351043283
e-mail: martellone@cassaforense.it

For more business related information:

Alessio Conforti
Tel.: +352 248581832
e-mail: a.conforti@eif.org


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