Cassa Depositi e Prestiti puts 40 million in the fondo Tenax Sustainable Credit, whose objective is to finance the sustainable growth of Italian SMEs and Mid-Caps. This was announced in a note from the Cassa, adding that the private debt fund managed by Tenax Capital, a company founded in 2004 by Massimo Figna owned 20% by management and 80% by Fidelidade – with this new subscription has already reached raised 200 million, thus approaching significantly the expected target (at least 300 million).
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A project born with the support of Intesa Sanpaolo, one of the anchor investors, which plays the role of originator of the eligible companies, while Tenax Capital will select the eligible companies by choosing the projects to be financed and thus allowing SMEs, but also mid-cap companies to have access to the direct private debt market .
Furthermore, the new fund benefits from a double level of European guarantees, enjoying both the support of the European Investment Fund (EIF, EIB Group) and the InvestEU programme.
Il Fei, provides the fund with two guarantees for a total value of 60 million, which will make it easier for companies to obtain loans by optimizing, on the investor side, the capital charge (charges on capital) envisaged by sector regulations (in particular, Solvency II for the insurance sector).
Through the guarantee Invest EU for innovation and digitalisation, the fund will also be able to enhance its support for companies oriented towards the technological transition. And it will allow the fund itself to strengthen the sustainable transformation of the economy, as well as green investments by smaller Italian companies.
The comments of Cdp and Tenax Capital
“Thanks to this operation, CDP intends to facilitate access to credit for SMEs also through alternative finance instruments. In particular, in line with the objectives of the 2022-2024 Strategic Plan, we invest in private debt funds with a view to supporting investments in research, innovation and digitization of Italian companies", commented Vincent Carbonara, Head of Alternative Finance at CDP.
The entry of Cdp "strengthens the 'systemic' connotation of our initiative aimed at promoting the development of SMEs and, at the same time, of the national private debt market, reducing the gap that still separates it from more mature European markets", he declared Massimo Figna, CEO and founder of Tenax Capital, adding that "thanks also to the guarantee offered by the Fei, the fund will be able to enjoy an average investment grade credit rating". This represents, together with the variable coupon rate, a real benefit for investors especially in the current interest rate scenario”.
