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InvestEU: EIF commits €25 million to Endeka Credito Italia I Fund focusing on Italian SMEs

    Date: 13 June 2023
  • The European Investment Fund has committed €25 million to Endeka Credito Italia I Fund, the first fund launched by Endeka SGR S.p.A., a digital lender providing direct lending to Italian SMEs.
  • The EIF financing is backed by European Union’s InvestEU programme.

The European Investment Fund (EIF), part of the EIB Group, has announced a €25 million commitment as cornerstone investor in Endeka Credito Italia I, a fund managed by Endeka SGR, an Italian asset management company active in alternative credit investing. The resources committed by the EIF are backed by InvestEU, the European Union’s programme to support sustainable investment, innovation and job creation in Europe, aiming to mobilise at least €372 billion in investments for EU policy priorities by 2027.

Endeka SGR is the first digital lender in Italy that benefits from an investment under the InvestEU programme. The fund focuses on financing small and medium-sized businesses (SMEs) in Italy and has already received commitments from professional investors for €25,6 million, starting operations in October 2022. The fund is classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR), the EU legislation aimed at enhancing transparency in sustainability matters for financial actors. An Article 8 fund is one that promotes environmental and/or social characteristics.  

The Fund offers investors a diversified portfolio of long-term financing for Italian SMEs, with tickets ranging from € 150,000 to €500,000 and a maximum ticket size expected to reach €900,000 once the Fund reaches €50 million of commitments. Loan applications are submitted to Endeka SGR through financial intermediaries, among which Confidi play an important role. The intermediaries submit applications through a dedicated web portal platform.

To date, the fund has invested approximately €16 million in 50 SMEs, to SME throughout Italy with a slightly higher concentration in the Northern regions of Italy. The loans have been extended to companies in many different industries, to finance their investments and working capital needs.

European Commissioner for the Economy, Paolo Gentiloni, said: "InvestEU plays a vital role by facilitating financing access for small and medium-sized companies, enabling them to innovate, expand, and create jobs. With this agreement, we are delighted to support businesses to unlock their full potential in this regard and contribute to Italy's green transition.”

By committing €25 million to the Endeka Credito Italia, with the support of InvestEU, we will facilitate access to credit and support the green transition of small and medium-sized companies in Italy,” said Gelsomina Vigliotti, Chairperson of the EIF.

We are delighted to have the EIF join our existing investors in our first fund. We are equally pleased with the interest expressed by investors in our Credito Italia I Fund and look forward to growing the Fund while offering Italian SMEs an attractive financing alternative. This is an ideal tool to provide small businesses with medium to long-term financing in a short period of time whilst offering a fixed rate of interest for the duration of the loan. Equally, we believe the Fund offers an investment solution that safeguards against excess volatility by targeting a return of approximately 200bp over the relevant Italian Government bonds,” said Endeka CEO Sergio Vicinanza.

Background information

The European Investment Fund (EIF) is a financial institution part of the European Investment Bank Group (EIB Group). Its main mission is to support European micro, small and medium-sized enterprises (SMEs) by supporting their access to finance and venture capital. The EIF is also active in supporting climate and infrastructure fund investments with a strong focus on environmental sustainability. In this role, the EIF pursues the objectives of the European Union to support innovation, research and development, entrepreneurship, growth and employment.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

Endeka SGR is an Italian independent asset management operator. Endeka SGR is a non-banking intermediary active in the medium/long term lending to SMEs through managed funds («Direct Lending»). Authorized by the Bank of Italy in October 2021, and registered in the Register of Asset Management Company - FIA section - with the identification code 15438.5. Neafidi, a consortium supervised by the Bank of Italy is among the current shareholders of Endeka. Three more Confidi have entered the shareholding structure: Asconfidi Lombardia, Fidi Impresa & Turismo Veneto and FinPromoTer. Endeka aims to build and manage technically advanced, flexible investment solutions built around the specific credit needs of Italian SMEs.

Press contacts

EIF: Lorenzo Squintanil.squintani@eib.org, mobile: +366 57 90 312
Website: www.eif.org/press — Press Office: +352 4379 21000

European Commission: Flora Matthaes

Tel.: +32 229 83951

Email: flora.matthaes@ec.europa.eu

Endeka SGR
Email: info@endekasgr.it
Sergio Vicinanza, sergio.vicinanza@endekasgr.it;
Alessandro Caramella alex.caramella@endekasgr.it, mobile: +44 7775 675713

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


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