THE INVESTMENT PROCESS
Preliminary origination and screening
Partners continued activity in line with the investment policies of the Fund.
Preliminary screening in order to confirm the existence of the fundamental requirements for the investment.
Active screening and pipeline
The Partner that has originated the initiative, will be head of a specific Deal Team arranged for the preliminary evaluation.
A Concept Memorandum is submitted to the investment Committee for approval regarding the evaluation progression.
The Deal Team starts the DD activities: financial, legal, accounting, fiscal, business and reputational.
The Preliminary Investment Memorandum (PIR) and the DD reports are submitted to the Investment Committee for approval.
Negotiations and Approval
Definition and implementation of the contractual aspects of the deal.
The Final Investment Memorandum (FIR) and all the relevant documents are submitted to the BoD for approval.
Definition and implementation of all the aspects relevant to the closing.
The Closing Memorandum is introduced to the BoD within 30 days from closing.
100 Days Program
The first 100 days after closing are crucial as it is proved that activities carried out in order to maximize the investment value are more efficient if implemented in this period. The “100-days program” is defined immediately before the Closing and it is implemented in the 100 days after by including:
- Implementation of a proper corporate governance system;
- ntroduction of executive systems of planning, management and control;
- Appointment of management with proved experience and appropriate skills;
- Creation of value capture plan, with robust analysis, clear KPI targets and budgets;
- Alignment and mobilization of the company.
Once the investment is closed, the SGR will monitor the investment’s performance and will be able to provide the portfolio company, together with support on managerial competency sectors, with specific assistance on subjects like finance, and access to network.
When the opportunity for a sale, even partial, of a share or any other activity held by a portfolio company, has been identified, the process of disinvestment initiates.
Being the crucial part of the investment, since the beginning the Fund will foresee different alternatives that can be adapted to each potential situation in terms of value maximization.