Private capital could combine investment certificates with the underlying listed securities that are part of this asset class, as has already been done with ETFs. However, the launch of certificates that refer to illiquid products would require more work to structure, Giovanna Zanotti, scientific director of ACEPI, the Italian Association of Issuers of Certificates and Investment Products, said to BeBeez. "The issuers of the Certificates with whom we discussed the possibility of convergence between these products and the world of private capital believe that these instruments could serve specific purposes of some. . .
