Sorgente SGR is an Italian asset management company of Sorgente Group specialized in promoting and managing real estate investment funds.
In 2001, Sorgente Sgr was the first asset management company to launch a closed-end real estate fund reserved for institutional investors: the Michelangelo Fund.
Following the success of the Michelangelo fund, liquidated on February 15th 2010 with an annual return equal to 8.44%, Sorgente SGR launched a public tender offer (“OPA”) on its Caravaggio Real Estate Fund listed on the Stock Exchange in Milan which matured at the end of 2012, through one of its Funds subscribed by the institutional investors of the “Donatello – Sub-Fund IRIS”. The public tender offer reconciled the interests of the institutional investors with those of the retail investors since the former were able to proceed with their investments for a period beyond the fund maturity date, whilst the retail investors were able to redeem their investment in advance and at a premium when compared to the current stock exchange trends. Subscribers who had not adhered to the public tender offer were redeemed in accordance with the last recorded Net Asset Value on the original fund maturity date.
In 2006 the Donatello Real Estate Fund was set-up as an umbrella fund characterized by a well-structured management divided into several compartments within the same fund. It is composed of 8 sub-funds with autonomous and segregated portfolios. The sub-funds began their activities during 2008 and 2009.
In 2010 Sorgente SGR launched a hedge fund focused on the photovoltaic energy sector denominated the Tiziano Fund Venere Sub-Fund. The Tiziano Fund Venere Sub-Fund, includes amongst its subscribers institutional investors domiciled in foreign capital markets. It invests in the right in rem of both ground and roof surfaces containing photovoltaic plants that are already connected to the national electricity grid and benefiting from feed-in tariffs recognized by the Gestore dei Servizi Energetici (the Italian state controlled Energy Service Operator).
In 2011 the opportunistic fund Tiziano, San Nicola Sub-Fund, commenced its operations, by focusing on high end hotel and leisure real estate. This sub-fund is a product reserved to institutional investors with a opportunistic profile. In conclusion, Aida and Norma are two new contribution in-kind funds. The former is focused on the enhancement of SIAE’s (Italian Authors and Publishers Association) real assets, whilst the latter is tailored for SIAE’s Employee Pension Fund (Fondo Pensione per il Personale di ruolo della SIAE).
In 2013 the Quas real estate Fund was launched, as a closed-end real estate fund reserved for qualified investors, with its principal subscriber being the Cassa Assistenza Sanitaria Quadri. The fund has made its first investment by purchasing a prestigious building situated in the centre of Rome.
| Fund Name | Type | Subscribed Equity | Start Up | Duration |
|---|---|---|---|---|
| Michelangelo | Reserved | 105.00 mln | 10.12.2001 | (*) |
| Baglioni | Reserved | 43.20 mln | 9.07.2006 | 30 years |
| Donatello - Michelangelo II Sub-fund | Reserved | 169.96 mln | 23.12.2008 | 10 years |
| Donatello - Giacinto Sub-fund | Reserved | 28.2 mln | 1.11.2008 | 25 years |
| Donatello - Tulipano Sub-fund | Reserved | 54.50 mln | 15.02.2008 | 10 years |
| Donatello - Margherita Sub-fund | Reserved | 124,176 mln | 11.12.2008 | 10 years |
| Donatello - Puglia II Sub-fund | Reserved | 35.79 mln | 14.09.2009 | 20 years |
| Donatello - Iris Sub-fund | Reserved |
142.94 mln |
29.12.2009 | 10 years |
| Donatello - Puglia I Sub-fund | Reserved | 33.20 mln | 14.09.2009 | 15 years |
| Megas | Reserved | 451.89 mln | 19.06.2009 | 25 years |
| Colonna | Reserved | 35.00 mln | 15.02.2006 | 29 years |
| Tiziano – Venere Sub-fund | Reserved Speculative | 10,00 mln | 29.12.2010 | 25 years |
| Tiziano – Comparto San Nicola | Reserved Speculative | 59,39 mln | 27.12.2011 | 30 years |
| Aida | Reserved | 79 mln | 28.12.2011 | 15 years |
| Norma | Reserved | 164,609 mln | 28.12.2011 | 30 years |
| Quas | Reserved | 20,00 mln | 09.01.2013 | 25 years |
| Tintoretto - Akroterion Subfund | Reserved | 9,475 mln | 09.04.2014 | 30 years |
| Tintoretto - Apollo Subfund | Reserved | 5,969 mln | 28.05.2014 | 25 years |
| Tintoretto - Dafne Subfund | Reserved | 6,954 mln | 12.02.2014 | 25 years |
| Tintoretto - Vulcano Subfund | Reserved | 17 mln | 04.07.2014 | 25 years |
| Tintoretto - Giove Subfund | Reserved | 1 mln | 02.04.2015 | 25 years |
| Nabucco | Reserved | 31,2 | 02.10.2014 | 30 years |
data updated on September 30th 2015
(*) The Michelangelo Fund following its natural maturity on the 31.12.2009, was liquidated on February 15th 2010, recording an overall increased value of each share equal to 94.2% and an annual Internal Rate of Return (IRR) equivalent to 8.44% over a period of years from its vintage year.
(**) The Donatello Fund, Iris Sub-Fund, was merged with the Caravaggio Fund on July 23rd 2011.
(***) The Baglioni Fund, an open-ended vehicle with equity belonging to the Baglioni Group, was liquidated on March 13th 2013, recording an overall increased value of each share equal to 60.53% and an annual Internal Rate of Return equivalent to 7.69% over a time frame of 6 years and a half from its vintage year.
