Investment limits
Primary reference market: The Italian Stock Exchange;
The publicly quoted market float of any target company must be greater than 15% of the Enterprise Value (EV);
No single investment is allowed to exceed an ownership greater than 10% of outstanding equity, or 25% of the First Capital fund Net Asset Value (NAV) ;
A limited use of debt is anticipated only in special situations and will not at any time exceed 20% of the company NAV.