06 August, Economy
The newly-constituted fund will support Italian SMEs. The Botticelli fund was created by Sorgente Sgr to deal with the recession which is still troubling the companies of the country. The asset manager will invest the proceeds in Italian commercial credits that are still payable. The fund is dedicated to SMEs, as these are the companies struggling the most with credit collection. In this way, the fund favours the growth of young enterprises thanks to the immediate access to liquidity. Botticelli has a duration of five years, which can be extended, it can reach up to 150 million euro and can make continuous investments in new credits.
The credits included in the portfolios will be commercial invoices mostly originated from Italian SMEs in exchange for liquidity which can be immediately re-invested in the economy. The operations will take place on a dedicated platform, guaranteeing immediate access to the liquidity by the companies transferring their invoices without hidden costs or commissions. The service will be accessible also by small corporates.
The transactions will be carried out through a financial marketplace of invoices guaranteed by an online platform created and managed by Cash Trading Srl, the advisor in the selection and collection of credits.
The operation was coordinated by Giovanni Cerrone, Sorgente Sgr general director at the time of the constitution of the fund and now financial manager for Nova Re SIIQ spa. He commented: “Thanks to the collaboration with Cash Trading, we’re able to support the internal capitals market of those companies delegating the management of their working capital”.
The performing credits market is rather dynamic, according to the European Alternative Finance Industry Survey by the University of Cambridge, which might give new impulse to the Italian companies. Moreover, investors may obtain above average returns with no risk of default and with guarantees for their investment.
Translator: Cristina Ambrosi