Banca Generali exceeds €100 million in funding in less than three months with theInvestlinx Intermonte Valore Italia ETF, the fund dedicated to small and medium-sized Italian listed companiesLaunched in July, the ETF aims to channel savings to SMEs on the Milan Stock Exchange, at a time when the small-cap sector is performing more dynamically than the main Italian indices.
“We are proud of this achievement, which is not only symbolic, but also positions us among the leading investors in Italy in small and medium-sized listed companies,” comments Gian Maria Mossa, CEO of Banca Generali.
ETFs and Fundraising for SMEs: Targeting $500 Million
The ETF was born from the experience of Intermonte, which has been analyzing listed Italian SMEs for over thirty years, and from the expertise of Investlinx in active ETFs, a company recently entered the Banca Generali group. The fund is based on the Intermonte Valore Italia index, composed of 100 companies selected from the 286 listed in Milan with a capitalization Less than one billion euros. The companies in the index employ nearly 120.000 people and have recorded average annual revenue growth of 16%. Industry, healthcare, discretionary goods, and technology represent 77% of the index, thus differentiating it from the Italian market, which is traditionally more focused on financials and utilities.
"Reaching €100 million in less than three months is a concrete sign of investors' interest in Italian SMEs and the validity of the PMI2Change project. The goal is to create a direct channel between savings and the real economy, helping to bridge the visibility and liquidity gap that still characterizes many high-quality businesses in our country," commented William Manetti, CEO of Intermonte.
The project aims to intervene on the gap between the weight of SMEs in the stock market and their capitalization: they represent approximately 80% of the companies listed in Milan, but only 3% of the market capitalization, while the discount compared to larger companies reaches up to 40%. The ETF's medium-term goal is to reach €500 million in assets, with flows of €1-2 million per day.
At the end of September, 60% of the stocks in the index were in positive territory, with an average performance of 13% and gains of more than 30% for companies such as Tecno, Sys-Dat e Txt E-Solutions. In the same period the Ftse Italia Small Cap Index It gained 3,78%, compared to the FTSE MIB's +0,61%. Financial data and research on the index's companies will be available on Websim, Intermonte's digital platform dedicated to financial information and advice.
PMI2Change also looks at unlisted companies
The project is not limited to companies already present in Business Square. In the coming months Banca Generali and Intermonte, together with Bag Italian e PwC Italy, will promote a roadshow in the main areas of the country to meet entrepreneurs of companies not yet listed and illustrate the opportunities offered by the capital market for the valorization, strengthening and planning of the future of the company.
The initiative is part of Banca Generali report with the business world. According to data from the end of 2025, the bank's clients include over 25.000 companies, and entrepreneurs represent more than 50% of the institution's private assets, which exceeded €90 billion at the end of June.
In a context characterized by increasing complexity for businesses, Mossa concludes: "Visibility and access to capital are crucial for competitiveness and growth. With PMI2Change, we strengthen our role as the 'Entrepreneur's Bank,' actively participating in the development of Italy's productive fabric."
