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Springrowth SGR launches the Diversified Enterprises Credit Fund with EIF as a cornerstone investor

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    Date: 24 July 2017

Milan, July 24th 2017 - The European Investment Fund (EIF) has signed an agreement with Springrowth SGR SpA to subscribe Eur 50 million in the Fondo di credito diversificato per le imprese (Diversified Enterprises Credit Fund), an alternative investment fund (closed-end alternative investment fund, reserved for professional investors) registered in Italy, with a fundraising target of Eur 500 million.

Pursuing a strategy focused on risk mitigation based on significant portfolio diversification, the Fund aims to originate at least 100 investments both medium to long-term loans, and corporate bonds (including mini-bonds) with a focus on Italian SMEs.

Springrowth's business model is based on a sharing approach with both the banking system and the financial intermediaries in a logic of cooperation while respecting each other's independence and roles.

Pier Luigi Gilibert, Chief Executive of EIF said: "The EIF's engagement as a cornerstone investor in the Diversified Credit Fund for Enterprises, and more generally in the European private debt, aims at facilitating the allocation of private investors’ capital for the benefit of SMEs and in turn, the real economy. This initiative, under EREM programme, is in line with the EIF's mission and strategy to improve access to medium and long-term SME credit and facilitate the availability of non-bank financings in Europe".

Massimo Di Carlo, CEO of Springrowth SGR commented: "We are very proud and honored that the EIF recognized the uniqueness of our product on the Italian market and has granted us its confidence, after a thorough due diligence process. Springrowth’s diversified Fund offers some unique peculiarities that, combined with the high diversification level and the rigor of the investment process, result in a fund-risk profile that is particularly suitable for medium and long-term institutional investors seeking sound credit exposure to the excellence of Italian entrepreneurship. This initiative, complementary to the lending provided by banking sector, aims to improve the capital structure of the best SMEs, further strengthening their competitive position in their markets of reference. Today we are officially announcing the opening of the fundraising which is targeting a dozen other investors and we expect to complete the first closing in the coming months".

Springrowth SGR, founded in 2016 by five partners, all former bankers with a sound background in industrial credit, is an independent asset management company whose Board of Directors is made up of three of its partners Massimo Di Carlo, Gianluca Oricchio and Alessandro Ravogli, the Chairman Alfonso Querejeta, formerly General Secretary of the EIB, and by Carlo Bonomi, currently President of Assolombarda. Springrowth SGR aims to become a leading asset manager specialised in credit instruments and standing out for its innovative investment strategies tailored around the investors’ needs. http://www.springrowth.com/

For more information:

EIF:
David Yormesor
Tel.: +352 24 85 81 346
E-Mail: d.yormesor@eif.org

Close to Media
Tel. +39 02 7000 6237

Luca Manzato
E-Mail: luca.manzato@closetomedia.it 
mob.: 335.8484706

Adriana Liguori
E-Mail: adriana.liguori@closetomedia.it 
mob.: 345.1778974
 

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