Euronext MIV Milan is a primary and secondary market.

The listing of AIFs allows to raise funds more efficiently through the IPO and follow-ons and to optimise early redemptions in case of need.

AIFs listed on Euronext MIV Milan

Unlisted AIFs

Investor base

  • Able to attract a wider and more diversified investor base, including, asset owners (e.g. family office, private banking, insurance companies, pension funds)
  • The listing on a regulated market removes investment limitations for UCITS in illiquid assets
  • Equal conditions and equal treatment for all investors
  • Limited number of potential investors, based on fund managers’ personal network
  • Limits to investments in unlisted instruments for certain UCITS
  • 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
  • Ability to raise financial resources through follow-ons
  • Possibility of using Borsa Italiana's direct distribution platform
  • 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 and appreciated by investors
  • Flexible communication and transparency


  • The secondary market allows a transparent and continuous price formation
  • An innovative negotiation mechanism anchored to the NAV, reducing the impact of the so called “liquidity discount”
  • The limited liquidity of financial instruments weights on the portfolio management activity
  • Opaque price formation
  • Investors may request an higher liquidity discount


Sustainable Finance
Discover  the new  section of Borsa Italiana website dedicated to Sustainable Finance
Amendments to the Euronext MIV Milan rules

With resolution no. 22008 of the 22 September 2021, Consob approved the amendments to the Rules of the Markets managed and organized by Borsa Italiana and related Instructions, already approved by Borsa Italiana’s Board of Directors on 22 July 2021. The amendments include the review of the rules governing alternative investment funds (AIFs) to be listed on the Euronext MIV Milan market. The amendments enter into force on 25 October 2021.

Euronext MIV Milan: The Italian Regulated Market for Alternative Investment Funds

Download the presentation: VISUALIZZA PDF pdf

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