Lumen Ventures and Ulixes SGR Launch €100 Million Venture Capital Fund

Lumen Ventures and Ulixes SGR, an Italian asset management company belonging to Gruppo Banca Popolare di Fondi, have successfully launched the new alternative venture capital investment fund, Lumen II, with a hard cap of EUR 100 million.

The newly established fund is designed to invest in innovative seed-stage startups operating within the fintech, insurtech, digital health, and cybersecurity sectors. The launch attracted significant backing from institutional investors, including CDP Venture Capital SGR, participating through its Fund of Funds (FOF) and Digital Transfer Fund (DTF), alongside ENPAM, Banca Popolare di Fondi, and a syndicate of banks.

Gatti Pavesi Bianchi Ludovici assisted Lumen Ventures on all legal aspects related to the establishment of the fund. This included drafting the management regulations, offering and pre-contractual documentation, and the agreements between the promoters and the manager. The firm also provided assistance in negotiations with CDP and other investors regarding the fund's terms, conditions, and side letters. The team was led by partner Raffaele Sansone and included managing associate Floriana Sarra, alongside associates Marco Corda, Alessandra Gisonna, and Sara Nanollari.

Osborne Clarke advised the management company, Ulixes SGR, on the governance and corporate aspects connected to the fund's creation. The firm's mandate covered regulatory assistance for the activities leading up to the first closing, interactions with the Supervisory Authority, and the negotiation phase of the agreements with the promoters. The team was led by partner Nunzia Melaccio, Head of Banking & Financial Regulatory, and included associate Camilla Capaldo.

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