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This paper aims at describing, from a corporate law perspective, the substantial features and the main problematic issues of the legislation regarding the so-called "investment companies with fixed capital" (SICAF), introduced in Italian legal system on the basis of the Directive 2O11/61/EU (AIFMD). Although some critical issues are to be noted, the principles set out by current legislation allow, to a large extent, to reflect mutatis mutandis the typical structure of the best-known schemes for the management of private equity funds, which makes the SICAF a viable alternative (in corporate form) to the common scheme - based on a SGR managing a closed-end fund - for the implementation of an undertaking for collective investment in financial instruments, especially in the private equity sector.

Source: Quaderno AIFI No. 47

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