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Comparison between listed and unlisted investment vehicles:

The listing of AIFs allows to concentrate the fundraising efforts during the IPO process, to widen the professional investor base (and retail investor base in case of AIFs marketed to retail investors), to optimize existing resources and to increase the efficiency of the early redemptions/unwinding mechanisms


Investment vehicle listed on MIV

Unlisted investment vehicle

Investor base

  • Able to attract a wider and more diversified investor base, including asset owners
  • The listing on a regulated market removes investment limitations for European institutional funds (UCITS)
  • Equal conditions and equal treatment for all investors
  • Limited number of potential investors, based on fund managers’ personal network
  • Limits of investments in unlisted instruments for certain European institutional investors
  • Contractual conditions laid down at individual level with investors based on ad hoc negotiations


  • Possibility to ‘passport’ the Prospectus approved by an EU Authority to the Italian Authority
  • Potentially larger offer size and faster fundraising process
  • European regulatory restrictions may prevent the fundraise in certain EU member states
  • Fundraising process potentially limited and sluggish


  • High visibility and degree of credibility perceived by a wider investor base and stakeholders community
  • Track record and standing perceived by a limited number of investors and stakeholders


  • Reporting obligations and transparency requirements guaranteed
  • Flexible communication and transparency


  • Liquidity managed on a trading platform
  • Secondary market allows a regular and continuous price formation
  • The existence of a secondary market reduces the impact of liquidity discounts
  • Limited secondary liquidity of financial instruments
  • Opaque price formation
  • Investors may request an higher liquidity discount

Contacts: investmentvehicles@borsaitaliana.it

Amendments to the MIV rules
With resolution no. 20906 of the 2 May 2019, Consob approved the amendments to the Rules of the Markets managed and organized by Borsa Italiana, already approved by Borsa Italiana’s Board of Directors on 25 March 2019

The amendments include the review of the rules governing alternative funds (AIFs) to be listed on the MIV market (Market for Investment Vehicles). The amendments entered into force on 3 June 2019

MIV: listing requirements

Download the presentation:(pdffile pdf - 265 KB)

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