Search Investment Vehicle
In managing their portfolios, investors are increasingly attentive to the opportunities offered by private markets, where initiatives frequently take the form of club deals.
First Capital, an investment holding company listed on the EuronextGrowth market of Borsa Italiana, with a long experience in investing in medium-sized companies, has therefore revisited the club deal model by focusing on three key features:
- We only invest in minority companies that intend to list on the stock market
- Unlike traditional club deals, we require the payment of commitments from our investors and not just a soft commitment
- We do not charge a participation fee, but only a carried interest to the promoters in line with private equity practices, i.e. only after the investors have achieved a certain return
We have called this model Search Investment Vehicle (‘SIV’) and are developing it in partnership with Invest Italy SIM.
The first SIV was launched in July 2021 under the name First For Progress 1 (“F4P1″) and acted as a corner investor in Generalfinance’s IPO, while the second, First For Progress 2 (“F4P2”) is being raised in 2024.