EUR 35 million for Italy's "Mezzogiorno 2001" fund

EIF has just signed a commitment to invest up to EUR 35 million in Mezzogiorno 2001, the first venture capital fund ever set up for the Mezzogiorno region of Italy. Mezzogiorno 2001 is a EUR 100m fund promoted by Nuova Holding SANPAOLO IMI S.p.A. and focusing on the South of Italy (mainly Objective 1 regions). The Fund will target investments of between EUR 0.25m and EUR 10m in SMEs with a strong position in terms of technology, products, market and organisation, with good growth prospects, capable and reliable management and satisfactory operating profitability. At least 20% of total Commitments will be invested in start-ups or early stage companies active in high technology sectors (telecommunications, technologies, media, and biotechnology). On Saturday 26 October 2002 the EIF Chief Executive, Mr Francis Carpenter, was in Naples for the signing of the Mezzogiorno 2001 fund.