A new regulation set to change the way people invest in Italy.

“Those who invest in a partnership focus on a development project, not on a company,” explains Andrea Calvi, partner in the Financial Regulation department.

The reform of the Consolidated Law on Finance introduces a hybrid structure between a fund and a company: the new generation SAPA, with segregated assets that protect investors and guarantee flexibility in fundraising.

This model is inspired by the Anglo-American experience of general partner-limited partnership, already widespread in Luxembourg and France, and is halfway between club deals and traditional funds.