Investment principles for indirect investments
CDP Equity owns majority and minority shares in the following AMCs:
- 70% of CDP Venture Capital - National Innovation Fund - AMC operating in venture capital
- 68% of the Italian Investment Fund - AMC operating in private equity and private debt
- 40% of QuattroR - AMC dedicated to reviving companies in difficulty
- 39% of FSI - AMC operating in private equity
- 14% of F2i - AMC operating in infrastructure
CDP Equity acts as cornerstone investor in direct funds and funds of funds managed by Asset Management Companies in which it is the majority and minority shareholder guaranteeing autonomy and minimising the risk of a conflict of interest. In particular:
- Through private equity
it provides patient capital to SMEs to support growth and development plans, to encourage managerial consolidation and the generational replacement of companies.
- Through venture capital
it supports start-ups in all life cycle stages, from development (seed) to industrialisation and expansion in international markets (late stage).
With these tools, CDP Equity supports Italian businesses and start-ups that operate in the priority areas defined by its Articles of Association, also to fill gaps in the market.
CDP Equity acts according to market logic following strict investment guidelines and management of the funds it invest in. CDP Equity’s entire investment process, from identifying gaps in the market to approval by company committees and decision-making bodies, is broken down into several stages that include a careful negotiation and due diligence activity, with particular attention paid to ESG (Environmental, Sustainability and Governance) aspects.
The funds that benefit from an investment by CDP Equity undertake to pursue the strategic objectives that laid the foundations for the investment, in accordance with the principles of independence and autonomy of the AMC. In addition to regular reporting requirements typical of market practices, in its capacity as a cornerstone investor, CDP Equity requests active governance rights. In all the AMC it invests in, CDP Equity usually requests:
- adequate representation in the committees of funds in accordance with best market practices
- the appointment one or more members of the board of directors, including independent directors
- the adoption of specific criteria aimed at respecting gender equality, diversity and non-discriminatory principles to the appointment of Corporate Bodies and/or Committees members.