CACEIS has been appointed as depository and administrator for the first third-party managed SICAF to be authorised by the Bank of Italy.
P101, a venture capital firm specialising in investment in digital and technology companies, mandated CACEIS for Programma 101.
The SICAF, or fixed-capital investment company, was recently authorised to operate as an investment management company under the Alternative Investment Fund Managers Directive (AIFMD), with the status of EuVeca, or third-party manager. It is the first of its kind to receive the authorisation from the Bank of Italy.
CACEIS will provide custody and oversight services, including monitoring the limits set out under AIFMD or specifically imposed on the SICAV. It was also calculate net asset value, maintain the register of shareholders and manage report production for supervisory authorities.
Glenda Grazioli, a partner at P101, said: “We are very proud to be among the first to have taken advantage of one of the directive’s new provisions, which gives P101 a new institutional character that will also enable us to attract international institutional investors in the future.”
Giorgio Solcia, managing director of CACEIS in Italy, commented: “Our longstanding expertise in this industry allows us to provide comprehensive support to SICAFs, vehicles that I believe will play a key part in the future of Italy’s asset management industry.”
SICAFs are closed-ended undertakings for collective investment, and are established a companies that can either manage assets directly or through a third-party manager.
Subscribers can be either investors or shareholders, and typically take part in the investment management decision-making process.
