Italian and EU alternative investment funds (AIF) are allowed both to direct lending to companies and to acquire existing loans with non performing loans among them. This point has been made cristal clear by Tiziana Togna, head of Consob’s financial intermediaries division in a hearing at the House of Representatives last Thursday February 25th.
New rules outlining for the first time the ability of Italian and EU AIFs to engage in direct lending in Italy to companies have just been introduced in Italy by the Law Decree n.18 of February 14th,
These funds, Mrs. Togna explained, may raise funds mainly from institutional investors (only one fund, managed by Arca sgr, has been authorized to raise capitals from retail investors too, but only targeting minibonds).
With these capitals the credit fund is able to invest “in non performing loans too besides being allowed to buy minibond, existing credits and to lend directly to companies”, Mrs Togna said.