Green Transition

The Green Transition Fund - PNRR is an instrument to stimulate the growth of an innovation ecosystem in green transition sectors through venture capital investments.
For the purposes of the Call for Proposals for this Fund, “target enterprises” are defined as start-ups with high development potential, with a focus on SMEs (as referred to in Recommendation 361 of 8 May 2003) in the digital transition sectors and which carry out innovative projects; start-ups and small and medium-sized enterprises that have been set up through a corporate spin-off or as a result of the sale of a company or business unit by a large enterprise or a medium-capitalisation (or mid-cap) company or that have been established with the investment of a large enterprise or mid-cap company with a view to venture building; holding companies that, cumulatively, (i) have their registered office in a State other than Italy and control (within the meaning of Art. 2359(1)(1) of the Italian Civil Code) one of the companies referred to in the preceding paragraphs, and (ii) actually carry out their business or have development programmes in Italy; it should be noted in this case that the resources invested by the Fund will be used by the eligible companies in Italy and the intellectual property developed in Italy must remain in Italy.
It should be noted that the fact that a target company does not qualify as an "innovative start-up" or "innovative SME" is not an obstacle to investment by the Fund, subject to the competent governance bodies of the Asset Management Company checking that the company's business/development projects matches the Fund's areas of interest.

Investment opportunities should have the following characteristics in order to proceed with the selection: targeting start-ups with high development potential, with particular regard to SMEs in the ecological transition sectors and SMEs implementing innovative projects, including small and medium-sized enterprises born from spin-offs of large enterprises characterised by a significant degree of scalability; they must concern the field of green technologies, with regard to investments aimed at facilitating the ecological transition also with reference to sectors in the areas of, in particular, the use of renewable energy sources, the circular economy, sustainable mobility, energy efficiency, waste management and energy storage, or other areas of the ecological transition; they must comply with the technical guidelines on the application of the Do No Significant Harm principle. In order not to jeopardise compliance with the DNSH principle, only projects whose activities comply with the relevant EU and national environmental legislation will be considered. For more details on excluded activities and Nace/Ateco codes, please refer to section 2 ‘Characteristics of the target companies’ of the Call to submit proposals

With regard to the Green Transition Fund – PNRR, theCall for proposals was published on the website of the Ministry of Enterprises and Made in Italy and on the CDP Venture Capital SGR website (see section ‘Download invitations and guidance’ below, version updated to January 2025).
Interested parties may submit projects for possible investment in the target companies by the Fund by sending the project presentation and accompanying documentation to greentransitionfund@cdpventurecapital.it.
For more details on the required documentation, please refer to ‘Annex 1 - Due Diligence Checklist, target company’ published on the website of the Italian Ministry of Enterprises and Made in Italy and on the CDP Venture Capital SGR website (see section ‘Download invitations and guidance’ below, version updated to January 2025).

The Green Transition Fund - PNRR is a reserved closed-end fund established on 20 September 2022 under an agreement signed by the Ministry of Enterprises and Made in Italy (formerly the Ministry of Economic Development) and CDP Venture Capital SGR S.p.A., through the use of resources allocated by the European Union through the NextGeneration EU initiative and included in the PNRR Mission 2, Component 2, Investment 5.4 "Support for start-ups and venture capital active in the green transition" for an amount of 250 million euro.
The aim of the Fund is to stimulate private investments, improve access to financing in Italy for start-ups active in the ecological transition and develop the venture capital market in this sector, through the signing of financing agreements with start-ups, newco or venture capital funds by 30 June 2026 for the amount necessary to utilise the entire resources reserved for the fund (€250 million).

No, the investment methods of the Green Transition Fund are as described in the FAQ section.