12 July, Italia Oggi
Sorgente sgr has constituted the fund Botticelli which will invest in the equity gathered from Italian performing loans. The credits in the portfolio will mainly consist of commercial invoices bought from SMEs in exchange for readily available liquidity. The operation will be carried out in a new financial marketplace for secured invoices, based on an online platform created by Cash Trading, which will assist Sorgente in the role of advisor and for the collection of credits.
The fund can amount up to 150 million euro, with a duration of five years with the possibility of extension. It can make continuous investments in new credits, thanks to the liquidity obtained from the collection of the credits object of the initial investment.
The operation avail itself of a platform providing immediate liquidity to the companies that sell their invoices, with no excessive paperwork, no hidden commissions or personal guarantees. The platform is accessible by small newly-constituted corporations. The coordinator of the operation is Giovanni Cerrone, general director at the time of institution of the fund and now finance director for Nova Re Siiq, a listed company of the group. “Through this partnership with Cash Trading, we’ll be able to favour the internal capital market, disinvesting part of the assets of the selling companies, resulting in a more efficient management of their working capital”, explained Cerrone. In this way, we give the opportunity to start-ups and developing companies to have immediate access to liquidity, supporting the national economy, where there is plenty of small and medium companies with such needs”.
For Sorgente Sgr, led by Carlo Petagna, the operation is a further step in its investment strategy and diversification process. As observed by the Cambridge University, the performing loans market is very active at the moment, and it might give a new impulse to SMEs.
Source: Italia Oggi
Translator: Cristina Ambrosi