Azimut ELTIF - (subfund) Venture Capital P103

Azimut ELTIF - (subfund) Venture Capital P103 is a closed-end venture vehicle managed by Azimut Investments S.A. and domiciled in Luxembourg, where it is constituted as an FCP and authorised under the UCI Part II regime. It is structured as an ELTIF under the ELTIF 1.0 framework, launched in 2022 and denominated in EUR. The private equity mandate follows a venture strategy and is open to both professional and retail subscribers, with distribution limited to the manager's domestic market and a minimum ticket of 10,000 EUR. Fund-level exposure is currently reported at against a stated .

The mechanics are those of a drawdown-style closed-end fund rather than an evergreen one: capital is committed during the offering phase, there is no standing redemption facility, and investors are expected to hold to the end of the vehicle's term, with proceeds returned as underlying venture positions are realised. Valuation is struck semi-annually, which sets the reporting cadence investors should plan around for reconciliation and reporting purposes. The manager charges in management fees, with an all-in , both of which can be read against the fee ranges observed across the 117 private equity funds domiciled in Luxembourg.

Under SFDR the fund is classified Article 6, meaning sustainability factors are not presented as part of the investment objective, and it carries a summary risk indicator of 6, consistent with the illiquidity and dispersion typical of early-stage equity. Within the coverage universe of 494 vehicles as of 31 Aug 2026, it is one of 163 private equity funds and one of 347 funds domiciled in Luxembourg, placing it in the more populated segment of the ELTIF market where the differentiating variables are strategy stage, cost and term length rather than structure.