Replica Sim expands its investment solutions offering
Milan, 12 March 2025 – Replica Sim S.p.A., an operator in the European fixed income market and a trusted delegated manager of investment funds for institutional and professional investors, is broadening its portfolio. The company is delighted to announce that it has secured a mandate to manage the investment portfolio of Italy Distressed Fund S.C.A. SICAV-RAIF, a newly established alternative investment fund based in Luxembourg, which specializes in investing in distressed assets.
ADEPA Asset Management S.A. will serve as the AIFM of the fund , leveraging its expertise in asset servicing and management.
The fund’s primary investment strategy involves subscribing to and/or acquiring asset-backed notes issued by securitization vehicles (SPVs) established under Law No. 130 of 1999. The fund has set a fundraising target of €35 million, which has been fully raised and largely invested in the initial phase of the initiative. This strategic approach allows the fund to capitalize on opportunities in the distressed asset market, providing a unique investment opportunity for institutional investors. The selection approach for asset-backed notes includes an in-depth analysis of the underlying credits, identifying their valuation potential and possible exit strategies in advance.
This process aims to significantly increase returns, substantially reduce the investment duration, and optimize profits while minimizing due diligence costs.
The legal assistance for the project was provided by Chiomenti Law Firm, a renowned international law firm known for its expertise in the legal and financial sectors. The team was composed of Benedetto La Russa (Partner), Salvatore Sardo, Mirko Camagna, Bruno Tullio, and Sara Baccan, who handled contractual matters. Additionally, Flavia Pagnanelli (Partner) and Valeria Aurora Lassini focused on regulatory aspects, while Paolo Giacometti (Partner) managed tax matters. Chiomenti's involvement underscores the project's commitment to robust legal support.
130 Servicing S.p.A. acts as master servicer, calculation agent, and corporate services provider for the securitizations .
The fund's portfolio management is an integral part of Replica SIM’s comprehensive diversification strategy, which was outlined in 2024. This strategy led to the establishment of a dedicated team focused on both direct and indirect investments in distressed assets. Additionally, the project involves creating partnerships with specialized operators across various asset classes within the alternative investment market.
The Replica team, led by Alessandro Avagliano and Corrado Mazza, brings extensive expertise in analyzing alternative investments, specifically on the distressed assets market. Both managers have a decade-long background in Corporate Finance and M&A, providing a solid foundation for navigating complex investment opportunities in this space.
Statements from the Leadership
Alessandro Avagliano and Corrado Mazza commented:
"The reduction of distressed assets recorded on bank balance sheets and the increasing competitiveness in the primary market are impacting NPL portfolio prices, making efficient management by servicers increasingly necessary. However, these dynamics also create opportunities, especially in the secondary market, where demand for secured and unsecured portfolios remains high. The Italian non-performing credit market continues to offer interesting opportunities. Our goal is to enhance our investments backed by distressed credits, adopting a targeted approach and leveraging the expertise of other specialized players in the non-performing credit sector. We firmly believe that specialization is the true added value in this market. Additionally, we believe that diversifying investment strategies and asset classes can generate significant returns, allowing us to share the value created with our investors, who have chosen to support this new entrepreneurial challenge.
Dario Negri, CEO of Replica, added:
"Our diversification into alternative funds must be seen in the context of the evolving distressed credit sector, which has decreased from approximately €71 billion in 2015 to around €50 billion in 2024.
The strong interest this initiative has generated, and continues to generate, among numerous national and international investors confirms the validity of our new approach. This momentum will continue with the delegated management of a new alternative fund, which has a fundraising target of approximately €100 million, a project we are actively developing. Through this new initiative, we are further solidifying our position in managing portfolios of financial instruments linked to and exposed to the credit market. Our focus is on high-potential market niches, leveraging the specialized expertise of our team in this field to drive growth and innovation.
Team Profiles
Alessandro Avagliano – Investment Officer
Before joining Replica SIM, Alessandro Avagliano spent six years at J-Invest S.p.A., a financial intermediary under Article 106 of the TUB, where he served as Head of Investment. In this role, he led a team of five and was responsible for managing investment activities and structuring securitization operations in the distressed assets sector.
Alessandro also accumulated nearly 12 years of experience at KPMG S.p.A., initially as a Senior Manager in the Audit Department and later as an Associate Director in the Corporate Finance team. His focus was on M&A transactions within the financial sector, IPO processes, and the sale and purchase of performing and non-performing credit portfolios. Alessandro holds a degree in Economics and Finance from the Università Cattolica del Sacro Cuore in Italy, providing him with a solid educational foundation for his professional endeavors.
Corrado Mazza – Investment Officer
Before joining Replica SIM, Corrado Mazza spent six years at J-Invest S.p.A. as a Senior Investment Manager, where he was responsible for overseeing investment activities and structuring securitization operations in the distressed assets sector.
Corrado also accumulated nearly eight years of experience at KPMG S.p.A., initially as a Supervising Senior in the Audit Department and later as a Manager in the Corporate Finance team. His focus was on M&A transactions within the financial sector, as well as the sale and purchase of performing and non-performing credit portfolios. In 2018, he joined the Financial Services team at Strategy& PwC, further solidifying his expertise in NPL Strategy. Corrado holds a degree in Economics and Finance from the prestigious LUISS Guido Carli University in Rome, providing him with a strong educational foundation for his professional endeavors.
About Replica Sim S.p.A.
Founded in 2019 in Milan by Dario Negri, Gianluca Negri, and Domenico Crapanzano, Replica Sim S.p.A. is a specialized operator in the fixed income market and a delegated manager of investment funds domiciled in the EU for institutional and professional investors. The company is 45% owned by Poste Italiane S.p.A.
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