CACEIS Appointed Fund Administrator for Italy's First Third-Party Managed SICAF

CACEIS in Italy has been appointed as the depositary and administrator for the Programma 101 SICAF S.p.A., a new investment fund. The fund is the first third-party managed SICAF (Società di Investimento a Capitale Fisso) to be authorized by the Bank of Italy.

Programma 101, a venture capital firm focused on digital and technology investments, received authorization from the Bank of Italy to operate as an investment management company (SGR) with EuVeca Manager status. This authorization aligns with the EU Alternative Investment Fund Managers Directive (AIFMD).

Under the agreement, CACEIS will provide custody and oversight services. This includes monitoring investment limits according to AIFMD regulations and the SICAF's specific rules, calculating the Net Asset Value (NAV), maintaining the shareholder register, and managing regulatory reporting.

Giorgio Solcia, Managing Director of CACEIS in Italy, stated the company is pleased to offer integrated services for this launch. He believes SICAFs will be a significant part of Italy's asset management landscape.

Glenda Grazioli, a Partner at Programma 101, highlighted the firm's pride in utilizing the new regulatory framework. This structure aims to give the fund an institutional character, facilitating the attraction of international investors.