Key Takeaways
- • Lumen Ventures and Ulixes SGR launched Lumen II, a €100 million hard-cap venture capital fund targeting seed-stage startups in fintech, insurtech, digital health, and cybersecurity sectors.
- • The fund secured backing from institutional investors including CDP Venture Capital SGR (through its Fund of Funds and Digital Transfer Fund), ENPAM, Banca Popolare di Fondi, and a syndicate of banks.
- • Ulixes SGR, an Italian asset management company within Gruppo Banca Popolare di Fondi, serves as the fund manager, with Gatti Pavesi Bianchi Ludovici and Osborne Clarke providing legal and governance advisory support.
- • The fund has completed its first closing and is actively fundraising toward the €100 million target.
Summary
Lumen Ventures and Ulixes SGR have successfully launched Lumen II, a new alternative venture capital fund with a €100 million hard cap, marking a significant commitment to early-stage innovation in key digital sectors. The fund is structured to invest in seed-stage startups operating within fintech, insurtech, digital health, and cybersecurity—high-growth sectors with substantial institutional demand.
The launch demonstrates strong institutional backing within Italy's venture ecosystem. CDP Venture Capital SGR is participating through both its Fund of Funds (FOF) and Digital Transfer Fund (DTF), alongside ENPAM, Banca Popolare di Fondi, and a broader syndicate of banks. This syndicate structure reflects confidence in the fund's management team and investment thesis across multiple institutional investor classes.
Ulixes SGR, the fund manager and an Italian asset management company within Gruppo Banca Popolare di Fondi, is backed by substantial legal and governance infrastructure. Gatti Pavesi Bianchi Ludovici provided comprehensive legal support, including drafting management regulations, offering documentation, pre-contractual materials, and negotiating fund terms and side letters with lead investors—with partner Raffaele Sansone leading the engagement. Osborne Clarke advised Ulixes SGR on governance and corporate structuring, regulatory compliance, supervisory authority interactions, and promoter agreements. The fund has already achieved its first closing and continues fundraising toward the full €100 million commitment.
The launch demonstrates strong institutional backing within Italy's venture ecosystem. CDP Venture Capital SGR is participating through both its Fund of Funds (FOF) and Digital Transfer Fund (DTF), alongside ENPAM, Banca Popolare di Fondi, and a broader syndicate of banks. This syndicate structure reflects confidence in the fund's management team and investment thesis across multiple institutional investor classes.
Ulixes SGR, the fund manager and an Italian asset management company within Gruppo Banca Popolare di Fondi, is backed by substantial legal and governance infrastructure. Gatti Pavesi Bianchi Ludovici provided comprehensive legal support, including drafting management regulations, offering documentation, pre-contractual materials, and negotiating fund terms and side letters with lead investors—with partner Raffaele Sansone leading the engagement. Osborne Clarke advised Ulixes SGR on governance and corporate structuring, regulatory compliance, supervisory authority interactions, and promoter agreements. The fund has already achieved its first closing and continues fundraising toward the full €100 million commitment.
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