top of page
London City


The opportunity for our investors derives from the dramatic decrease of medium term bank lending to SMEs in Italy (-40% since 2011), improved SMEs risk profile (debt/equity ratio more than halved since 2011) and the lack of alternative lending or equity options. We trade-off higher returns from not investing in quasi-equity or unsecured instruments with the highest level of downside protection (large security package and stringent financing documentation) and a detailed due diligence process, with an average of just one investment completed out of ten screened opportunities. Our investments are also supported by the European Investment Fund’s InnovFin SME guarantee facility.


The investment team includes four professionals, with a cumulated expertise of over sixty years and almost fifty transactions completed in Italy and Europe.

The funds are closed ended vehicles financed by long term commitments from major institutional anchor investors and managed by Tenax Capital Limited ("Tenax") which is authorised and regulated by the Financial Conduct Authority.

bottom of page