Investment & Fund Management

Under the new investment programme for debt funds created within the Juncker Plan, called the “Private Credit Tailored for SMEs,” the European Investment Fund (EIF) invested EUR 40 million in Anthilia BIT III, the third private debt fund of Anthilia Capital Partners, which is dedicated to Italian SMEs. This investment allows Anthilia BIT III to manage approximately EUR 200 million, with a final closing target of EUR 350 million by 2020. The EIF’s investment aims to enhance Anthilia’s commitment to the development and internationalisation of Italian SMEs.

Anthilia BIT III, established in November 2018, builds on the success of its predecessors, Anthilia BIT and Anthilia BIT Parallel Fund. The fund is designed for qualified investors with experience in debt instruments, specifically targeting bond emissions from Italian SMEs, and has a maximum tenor of 10 years. The EIF’s investment is part of a broader initiative to stimulate investments in SMEs by encouraging market players with specialized skills to allocate resources to small businesses, thereby supporting the development of an alternative capital market and enhancing financing sources beyond traditional bank financing.

The EIF may also provide an investor protection instrument to new subscribers to the fund, covering up to 50% of the investment, with a total cap of approximately EUR 20 million. This mechanism is intended to encourage smaller institutional investors, such as banks and insurance companies, to participate in Italian debt funds by reducing their capital absorption.

The “Private Credit Tailored for SMEs” initiative combines resources from the EIF and the Juncker Plan, targeting a total of EUR 1 billion for investments in diversified debt funds across Europe. The goal is to mobilise around EUR 4 billion of alternative non-bank financing for European SMEs and small Mid-Caps. Anthilia BIT III will select beneficiaries based on criteria such as cash flow stability, export orientation, governance quality, and management credibility, focusing on SMEs with annual turnovers between EUR 20 million and EUR 200 million. This represents a potential pool of approximately 4,950 companies within Italy's productive ecosystem.

The EIF’s support is expected to significantly benefit Italian SMEs, with over 280,000 already gaining better access to finance since the inception of the Investment Plan for Europe. The initiative aims to foster growth and job creation within the SME sector, reinforcing the EIF's mission to support small and medium-sized businesses across Europe.