LIFTT (SA)

Promoter – Financial Intermediary

LIFTT SPA

Location

• Italy

Description

The operation consists of an Equity/Quasi-equity co-investment platform with LIFTT SpA, an Italian Venture builder backed by Italian foundations and asset managers (such as Fondazione Sanpaolo and Azimut Holdings).

Additionality and Impact

This innovative project addresses the failure in financial markets for small innovative and high-growth companies arising from the limited access and/or prohibitive cost of financing charged by creditors/investors as a result from information asymmetries, higher uncertainty, lack of collateral and imperfect screening and monitoring. The project is in line with the objectives of Horizon Europe program. The project will deliver innovative products and solutions. EIB's financing, as it is structured, would be complementary to European VC investors and other players so that it would provide a signalling effect to crowd-in other capital providers, which are necessary for the completion of the product development stage and commencing commercial operations.

Objectives

The aim is to support LIFTT investing in innovative Italian and European early to growth-stage innovative small and medium sized enterprises (SMEs) and mid-caps in the fields of life sciences, future tech (e.g. cybersecurity, deep tech industrial) and cleantech field. The investment rationale of the programme is to build up a portfolio of investments located in the EU27 and with the high additionality and multiplier expected from equity operations. The facility will be highly additional to the existing activities of LIFTT.

Sector(s)

• Services - Financial and insurance activities

Proposed EIB finance (Approximate amount)

EUR 50 million

Total cost (Approximate amount)

EUR 100 million

Environmental aspects

The promoter's investments concern investments for research, development and innovation activities that are expected to be carried out with existing facilities already authorised for the same purpose and would therefore not require an environmental impact assessment (EIA) under Directive 2011/92/EU. Full environmental details will be verified during appraisal.

Procurement

The promoter is a private company, not operating in the utilities sector and does not have the status of a contracting authority; thus the project is not covered by the EU directives on procurement. However, the promoter's procurement procedures are expected to be in line with EIB guidelines for private sector projects. The EIB's services will verify details during the project due diligence.

Status

Signed - 5/08/2024