Leading international law firm Simmons & Simmons has assisted Blackstone in obtaining one of the first authorisations to do direct lending in Italy, granted by the Bank of Italy to a foreign alternative investment fund.
Blackstone is one of the world’s leading investment firms which encompasses private equity and real estate funds, hedge fund solutions, and credit funds.
The Italian team obtained the authorisation to do direct lending for five funds of the Blackstone’s Irish platform, and is currently finalising approval for an additional fund. To obtain the authorisation, a number of amendments to the funds’ regulations were required in order to align relevant provisions to the more restrictive rules applicable to Italian alternative funds.
The approval will provide a significant commercial advantage against other players, allowing Blackstone to actively market its direct lending capabilities, a tool which very few international funds can currently deploy in the lack of the Bank of Italy permission.
Partner Romeo Battigaglia commented: “We have seen significant regulatory developments affecting the alternative investment fund business. We are committed to delivering a world-class advice providing the highest quality service to our clients in this area.”
The Simmons & Simmons’ team who assisted Blackstone was led by partner Romeo Battigaglia, Italy head of Financial Markets, and included of counsel Maria Giusy Naccarato, senior associate Mirella Di Carloand trainee Floriana Sarra.