Tamburi Investment Partners (TIP) launched Asset Italia spa, a newco which has the aim of rationalizing the rules of TIP club deals very well identifying who is really and concretely interested in valuing this kind of investments, without forcing the participants to take part to every single investment proposal. TIP is an investment company founded by Gianni Tamburi and listed at the Italian Stock Exchange (download here the press release).
More in detail, TIP announced that Asset Italia spa will be initially capitalized with 10 million euros but is aiming at raising between 300 and 500 million euros, of which TIP is going to invest 100 millions or 20% of the total committed capital. Each investor should invest 10 million euros at least on a 5 years’ basis.
The idea, TIP explained, has born out of TIP’s experience in club deals. Since the first club deal, Interpump in 2002, involving six families– TIP has received a growing number of requests to propose similar investment opportunities and the latest ones (Moncler, Eataly and Beta Utensili), have raised a further increasing interest.
The liquidity of the investments in Asset Italia shall be guaranteed, at maturity, through a share exchange with TIP shares, listed on the stock exchange, that shall be assigned at the fifth year since the beginning of the project, on the basis of valuation appraisals – prepared in line with predefined and homogeneous valuation criteria, both on the investments made by Asset Italia and on the net asset value of TIP at that date. Moreover TIP (not its partners) shall benefit from an incentive fee equal to 5% (very low percentage compared to the usual carried interests on the market) on the extra-value created above a certain threshold.
In the meantime in its letter to the shareholders, TIP announced that the total amount of investments sponsored by TIP and TIPO, including club deals, reached 1.9 billion euros and that TIPO still has 85 million euros to be invested in new deals.
