Azimut and Antares launch mini-bond fund for SMEs

Italy’s independent asset manager Azimut has teamed up with Antares Private Equity to launch a mini-bond fund for Italian SMEs.

The fund will be an Italian domiciled, close-ended fund which will be developed within Azimut Capital Management SGR and managed by Antares Private Equity.

The fund is exclusively aimed at qualified investors and will invest in non-listed or to-be-listed debt stocks, particularly in mini-bonds and in a number of corporate bonds, such as subordinate, convertible, cum warrant.

The fund will have duration of eight years and targets AUM of €200m. Azimut and Antares expect to have approximately a 7% return.

The two firms said that a number of institutional investors have already shown interest in the initiative. The firms targeted will have €300m revenues, positive Ebitda and a sustainable debt level.

Minimum investment is set at €4m. The management team is made up of Stefano Parisi and Antares’ founding partners Stefano Romiti, Guido Vesin and Mario Bongiorni, as well as Gabriele Casati.

Pietro Giuliani (pictured), chairman and CEO of Azimut, said:”The new fund is part of our project aimed at  to connecting the asset management sector with that of business generally speaking.”

Antares’ president Stefano Parisi added: “The initiative is characterised by the absolute independence of both Antares and Azimut.

“It is also a sign of many Italian firms’ need to find sources of funding which are different from banks.”

 

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