Currently in fund raising with a €200 million target
SGT CrescItalia Invoice Fund – is an alternative closed-end investment fund under the Italian law, reserved for professional investors, which acquires non-past due trade receivables originating from the issue of commercial invoices of Italian SMEs to companies with high financial solvency and credit standing.
The Fund will enter the fintech invoice financing business from a new angle and with a distinctive positioning, providing support to the real economy and financing the supply chain. The Fund’s investment process is supported by the Fintech «CrescitaliaLab» platform.
The Fund is promoted and managed by Sagitta SGR, in partnership with Crescitalia Holding, an independent fintech advisor, active since 2011 in evaluating and financing Italian SMEs, serving investors and institutional asset managers.
The Fund at a glance
The fund allows professional investors to obtain higher returns than comparable investments with a similar risk-profile or with low capital absorption by investing:
- Directly (without securitization vehicles) in the asset class of performing commercial credits, a business always been reserved to the banks
- In the real economy, financing the SMEs of the country
- According to ESG principles (Environmental and Social Governance) adopted by the SGR
- In a liquid, performing asset with short duration (max 180 days) and insured against insolvency risk of the debtors
The Fund is particularly suited for the asset allocation of insurance companies, institutional investors (pension funds, banking foundations, etc.), and provides its subscribers with a specific Total Look Through tool with which it will be possible to monitor the composition of the portfolio in real time and how the portfolio is performing. Finally, the investments made by the Fund will be consistent with the ESG policy adopted by the SGR.
The Fund invests in many sectors, excluding the risky or unethical ones, as well as credits to the Public Administration (also excluded from the scope of possible investments of the Fund). The credits will be insured against the debtor’s risk of insolvency under a specific insurance protection provided to the Fund by a leading international insurance company and the Fund will have a highly fragmented target portfolio of credits (based on concentration limits provided into the Fund Rules and updated from the BoDs and the Investment Committee every month/week). The Fund is closed-end, but with opening and redemption periods for subscriptions. The six-monthly distribution of proceeds and the calculation of the monthly NAV are also envisaged.
Sagitta is currently in the fund-raising phase, having obtained all the necessary authorizations from the competent supervisory authorities.