Italian Reserved FIA / Externally Managed SICAF
ARES
SICAF
A regulated real estate investment platform combining multi-compartment flexibility with institutional governance and asset segregation.
ItalianReserved FIA
MultiCompartment
AQA CapitalExternal AIFM
(01) Platform
Fixed capital. Clear perimeter.
ARES SICAF in Gestione Esterna S.p.A. is an Italian externally managed fixed-capital investment company established as a multi-compartment real estate alternative investment platform.
The platform is designed for professional investors requiring regulated access to real estate strategies, clear asset segregation, dedicated governance, independent valuation processes and institutional reporting standards.
(02) Strategy
Real estate as regulated execution.
ARES SICAF is structured to host differentiated real estate strategies through autonomous compartments, ranging from opportunistic mixed-use mandates to dedicated urban regeneration programmes.
Independent valuation
Risk-controlled execution
(03) Funds
Compartments
Independent investment perimeters within a single regulated architecture.
(01)
ARES Fund 1
Opportunistic mixed-use real estate
Segregated investment perimeter
An opportunistic mixed-use compartment conceived as a broad, institutional investment perimeter for professional capital. The mandate is intentionally flexible and may address income-producing assets, repositioning, redevelopment, hybrid urban uses, special situations and complex real estate configurations, where disciplined governance, capital structuring, timing and execution capacity can become sources of risk-adjusted value creation.
The assets of the compartment constitute an autonomous and segregated pool of assets pursuant to Article 36, paragraph 6, of Legislative Decree No. 58 of 24 February 1998 (TUF), Articles 8 and 21 of Law No. 520 of 6 February 1996 and Directive 2011/61/EU (AIFMD). Such assets are separate, for all legal purposes, from the assets of ARES SICAF, from those of any other compartment, from the assets of the shareholders, from the assets of the External Manager and from any other fund or compartment managed by the same External Manager.(02)
ARES Fund 2
Urban regeneration and residential development
Segregated investment perimeter
A dedicated urban regeneration compartment focused on the transformation of real estate assets and development areas into contemporary residential and mixed-use environments. The strategy combines planning control, phased capital deployment, technical monitoring, independent valuation and institutional reporting of development milestones.
The assets of the compartment constitute an autonomous and segregated pool of assets pursuant to Article 36, paragraph 6, of Legislative Decree No. 58 of 24 February 1998 (TUF), Articles 8 and 21 of Law No. 520 of 6 February 1996 and Directive 2011/61/EU (AIFMD). Creditors of the SICAF, of other compartments, of the shareholders, of the External Manager or of other funds or compartments managed by the same External Manager have no recourse against the assets of this compartment, except where specifically permitted by applicable law and by the relevant fund documentation.(03)
Future Compartments
Scalable regulated architecture
Segregated investment perimeter
The SICAF may establish additional compartments, each operating as a distinct investment perimeter with segregated assets, dedicated investors and tailored investment policies, while remaining within a unified framework of external management, corporate governance and regulated oversight.
Any future compartment is expected to operate under the same principle of patrimonial segregation, with autonomous assets and liabilities allocated exclusively to the relevant investment policy and to the rights of the investors and creditors specifically referable to that compartment, in accordance with the TUF, Law No. 520/1996, AIFMD and the applicable management regulations.(04) Governance
Institutional control. Clear accountability.
ARES SICAF combines a traditional Italian corporate governance system with the operating discipline of an externally managed reserved AIF. The board oversees the company perimeter, while direct management of the compartments is reserved to the external manager in accordance with the applicable fund documentation.
Segregated by design
Each compartment constitutes a separate pool of assets and liabilities.
Externally managed
Portfolio and risk management are performed by AQA Capital Ltd, acting as Gestore Esterno and authorised AIFM under Directive 2011/61/EU.
Independent oversight
The operating model is supported by statutory governance bodies, a Board of Statutory Auditors, an external audit firm, a depositary, a fund administrator and independent valuation arrangements.
Professional investors only
No public offering is made. Subscription is reserved to eligible professional investors and remains subject to official fund documentation, investor classification, KYC and AML checks.
Corporate particulars
Company data.
Legal name
ARES Società di Investimento per Azioni a Capitale Fisso in Gestione Esterna S.p.A.
Short name
ARES SICAF in Gestione Esterna S.p.A.
Registered office
Via Larga 6, 20122 Milan, Italy
External AIFM
AQA Capital Ltd, acting as External Manager under Directive 2011/61/EU
Fund Administrator
f/admin by Auditax Italia S.r.l.
Tax code / VAT number
14237010963
REA number
MI - 2768667
PEC
spa@pec.ares-sicaf.com
Board of Directors
Board.
Giannatale MontipòChairman of the Board of Directors and legal representative
Davide PalmaghiniExecutive Director, Investment Execution Officer of ARES SICAF, Head of Real Estate / Alternative Investments at AQA Capital Ltd
Ferdinando CrostaDirector
Control bodies
Oversight.
Roberto BrustiaChairman of the Board of Statutory Auditors
Giacomo PrevitaliStanding Auditor
Giovanni BettiniStanding Auditor
Miriam MolliAlternate Auditor
Stefano AlbieriAlternate Auditor
Otto Audit S.r.l.External audit firm
(05) Process
Controlled execution, from source to exit.
The investment lifecycle is managed by AQA Capital Ltd, acting as External Manager (AIFM), and is structured to ensure full traceability, documented decision-making, independent workstreams and continuous alignment with the relevant compartment’s investment policy, governance framework and regulatory perimeter.
Origination
Identification and preliminary assessment of opportunities consistent with the investment policy of the relevant compartment, including eligibility screening, conflicts of interest analysis and verification against internal procedures and regulatory constraints.
Due Diligence
Legal, technical, tax, financial, environmental and valuation workstreams are coordinated through documented processes, with independent advisors involved where appropriate and with all relevant findings escalated through the applicable governance channels.
Execution
Investment decisions and transaction implementation are carried out under the External Manager’s framework, with formal approvals, traceable documentation, counterparty controls and proper allocation to the relevant segregated compartment.
Monitoring
Ongoing asset, liquidity and risk monitoring is performed with reference to the approved business plan, investment limits, service-provider performance, reporting obligations and the interests of the relevant professional investors.
Exit
Disposal and divestment activities are assessed in light of market conditions, valuation evidence, investor interests and applicable regulatory requirements, with execution supported by appropriate documentation and transparency controls.
(06) Legal
Information, not solicitation.
This website is for information purposes only.
It does not constitute an offer, invitation or solicitation to invest.
Investment is reserved to professional investors only.
Any investment decision must be based solely on the official fund documentation.
Investment in alternative investment funds involves risk, including the risk of loss of capital. Past performance is not indicative of future results. Access to fund documentation may be restricted by law in certain jurisdictions. Any investment decision must be based solely on the relevant official documentation and after assessment by the investor’s own legal, tax and financial advisers.
(07) Contact
Let’s
talk.
ARES SICAF in Gestione Esterna S.p.A.
Via Larga 6, 20122 Milano, Italy
External Manager: AQA Capital Ltd, Italian Branch, Via Felice Cavallotti 8, Milano
Tax code and VAT number 14237010963 · REA MI - 2768667 · PEC spa@pec.ares-sicaf.com