Restricted to qualified investors
Our thesis
Ascari Capital is an Italian fund built to identify, acquire, and operate a single high-quality privately held company. Target: Italian SMEs with EBITDA between €2 and €5 million in the Lower Middle Market, in asset-light segments with structural tailwinds and non-cyclical demand.
Headline terms
Term sheet.
| Search capital target | €500,000 |
|---|---|
| Units | 15 × €33,333 |
| Conversion step-up | 1.5x |
| Preferred return | 6% p.a. cumulative, non-participating |
| Carried interest | up to 25% (3 tranches) |
| Target IRR | 35% pre-tax |
| Holding period | 4 – 7 years |
| Maximum ticket per investor | 3 units (€100,000) |
Full terms and conditions in the Private Placement Memorandum. Restricted to qualified investors per Italian T.U.F. regulation.
Where the capital goes
The €500,000, line by line.
Total transparency on the 7 expense categories over the 24-month search phase.
- Principal's salary€130,000 (26%)
- Professional fees (legal, due diligence)€130,000 (26%)
- Contingency and broken-deal costs€85,000 (17%)
- Travel & allowance€60,000 (12%)
- Marketing & direct outreach€35,000 (7%)
- Databases and licences (Cerved, AIDA, Saikoo)€30,000 (6%)
- Admin and office€30,000 (6%)
€500,000 over 24 months
The selection process
From 2,000 candidates, one transaction.
The 24-month sourcing funnel: quantitative rigor, qualitative selection.
- 2000Companies screened (database)
- 200Direct contacts (proprietary outreach)
- 60Qualified conversations
- 18Indications of Interest — IOI (15–20)
- 4Letters of Intent — LOI (3–5)
- 1Acquisition completed
Limited Partners
We are finalizing the round composition. Confirmed institutional investors will be announced at closing.
Documentation
Private Placement Memorandum
57 pages. TUF disclaimer, structure, board, return scenarios, risk factors.