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Utopia, the first SIS launched in Italy, selects CACEIS as full outsourcing provider

07/27/2021Topic:  Tag CACEIS Private Equity

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CACEIS in Italy has been selected by Fondazione Golinelli, Fondazione di Sardegna and Antonio Falcone as custodian and fund administrator for the Utopia project: the first Simple Investment Company (SIS) to commence activity in Italy. With its dedicated, cross-company Private Equity, Real Estate & Securitisation (PERES) business line, the Asset Servicing company of the Crédit Agricole and Santander Groups offers a full range of outsourced services to Italian asset management companies and foreign AIFMs managing alternative funds under Italian law.

Utopia SIS is the first of its kind in the Life Sciences sector and aims to provide development capital for investment into medical-scientific research projects. Currently in Italy, securing capital for research and innovation support is difficult, however the Utopia SIS has a wide-ranging objective: to invest strategically in projects with a high growth rate, and providing a global support system that offers entrepreneurship expertise and access to a consolidated network.

"We are proud to have won this mandate that combines CACEIS’ extensive experience as a full service provider for venture capital with our position as a key player supporting the most innovative vehicles that the sector offers", said Giorgio Solcia, CEO of CACEIS in Italy. "Our bank has provided support to SICAFs (fixed-capital investment companies) since their creation, becoming the premier depositary in Italy and, leveraging this success, we’re aiming at the top spot for the SIS too", he added.

Novavido S.r.l., an innovative start-up of the Italian Institute of Technology (IIT) in Genoa, is not only the first investment of Utopia SIS, but also a major research and development project. We will invest €1.4 million immediately and as planned another €4.5 over the coming 24-30 months, in line with the well-defined steps of our growth and development roadmap ", said Antonio Falcone, Executive Vice President of Utopia SIS. He added, "With CACEIS, we have found an asset servicer willing to support us on a trajectory as innovative as the SIS, bringing their experience in servicing alternatives players, both in terms of custody services and fund administration. They are a solid partner to help us tackle this new path for the Italian market”.