Public Private Partnerships for Business Development. Fondo Strategico Trentino Alto Adige FSTAA. Alpine Growth Investment Platform AlpGIP - FoF

Transcription

1 Public Private Partnerships for Business Development Fondo Strategico Trentino Alto Adige FSTAA Alpine Growth Investment Platform AlpGIP - FoF

2 Access to finance the second most pressing problem, right after getting customers 76% of EU SMEs dependent on external financing, 90% of which comes as bank or leasing (source: European Commission) 20 0, ,5 0,4 0,3 5 0, ,1 0-0,1 MINIBOND 1-40 addetti addetti almeno 250 addetti Bank Lending Survay source Bollettino Economico Banca d Italia France 76,2% Spain 65,8% Germany 39,7% Italy 98% source Bach 2

3 FSTAA structure Investment Policy Commited Subscriptions Assets of the fund Comp. Trento Class A Comp. Bolzano Minibonds Promissory notes Total capital raised of EUR 223,8 mln: EUR 113,5 mln for the compartment Trento Class B Min 65% Project Bonds Export Credit Notes SMEs EUR 110,3 mln for the compartment Bolzano Class C Other qualified investors Max 35% Asset Backed Securities Bank deposits & bonds Government bonds / Local Authorities bonds Total invested capital at EUR 126,3 mln: EUR 76,0 mln for the compartment Trento EUR 50,3 mln for the compartment Bolzano Liquidity

4 Number of PE/VC deals by region Growth capital still a minority, representing only 20% of the investment activity since 2011 (source: AIFI, including PE and VC, private and public players private collected information) Lombardia and Veneto are by far the leading Alpine regions for PE investments. Liguria, Trentino Alto Adige and Valle d Aosta represent together only 4% of the transactions in the market. However, activity in Liguria is heavily influenced by few large transactions. Friuli and Piemonte have a good level of activity. As a result, a commitment to invest into more peripheral regions (such as Liguria, Trentino Alto Adige, Valle d Aosta ) would be a challenge. A further attention point is represented by Emilia Romagna which is a region where PE activity is substantial but does not belong to the current definition of Alpine regions. The Alpine regions (excluding Emilia Romagna) represent more than 55% of all venture capital deals since Lombardia and Piemonte concentrate c. 50% of the deal activity thanks to strong universities. The peripheral regions (Liguria, Trentino Alto Adige, Veneto, Friuli and Valle d Aosta) have low levels of activity. As such, a commitment to have VC investments into these regions could be a challenge. This fact assumes relevance as most of the PE players active at a national level would want to keep enough flexibility to invest outside the current Alpine region, mainly for Emilia Romagna.

5 AlpGIP structure Commitments 60% 40% Filse Veneto Lombardia 15 mln Finpiemonte S.p.A 10 mln Finaosta S.p.A 1 mln Südtirol Finance S.p.A. 1,5 mln European investment fund CE Regional 50% EIF as Manager Institutional Investors +50% VC Fund A PE Fund B VC Fund C SMEs SME Community

6 SME Cash Flows / Investment Rounds Investment Policy Market Development Plan Eligible Investments are Venture capital or private equity funds or co-investment vehicles performing equity investments, hybrid debt/equity investments or other form of risk finance and that are active in the Regions (investment funds or Coinvestment vehicles) AlpGIP is focused on this stage Business Angels, Seed VC & Early Stage Growth Capital & Mezzanine Funds Public Private PRE-SEED PHASE HIGHER RISK SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT SME Development Stages LOWER RISK

7 Objectives of the AlpGIP Increasing the levels of equity investments made into growth-focussed enterprises; Establishing a sound market-based infrastructure (appropriate number of competing private fund management teams); Generating positive returns to all FoF investors; Creating the best entry conditions for institutional and other private investors; Attract foreign investors and investment managers to the region; Government-sponsored FoFs are the best form * of intervention whilst also improving ecosystem issues. * Professor Josh Lerner (Harvard Business School) Boulevard of Broken Dreams why public efforts to boost entrepreneurship and venture capital have failed and what to do about it.

8 Public Private Partnerships for Business Development AlpGIP FSTAA Bolzano Branch Finint Investments SGR S.p.A. Via del Macello, 30/C Bolzano (BZ) Corriere della Sera 8 nov 2017 Massimiliano del Barba T F E fondostrategico@finint.com W