BNP Paribas Investment Partners Sgr has announced that its Bond Italia PMI, a closed-ended mini-bond fund aimed at the country’s SMEs launched last year, made its first closing with total subscriptions of €56m.
The fund will have a final maturity of seven years starting from the end of subscriptions, the average investment duration is estimated to be around four years, as portfolio building will focus on capital amortisation.
the investment selection process is conducted with the support of advisory firm Prometeia, which helps BNP Paribas IP select good Italian SMEs to launch mini-bonds, in which the asset manager will invest at least 20% itself.
The fund aims at reaching total AUM of €150m and at present requires a €1m threshold investment.
Marco Barbaro (pictured), CEO of BNP Paribas IP Sgr, said: “We now aim at starting investments for SMEs. In the last months we have analysed more than 25 firms and we already selected about seven that match the fund’s requirements, such as an appropriate risk profile; geographical diversification and adequate export levels. We expect to be able to help the first SMEs launch its first mini-bond in August.”