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The First Fund had two main governance bodies representing limited partners: the Advisory Committee and the Conflicts Committee.

Advisory Committee

The Advisory Committee was composed of experienced  representatives of the Italian and international industry and finance community. The Advisory Committee was appointed by the Core Investors and expressed opinions to the SGR’s Board of Directors in several istances regulated by the Fund’s rules, as well as in support of key management policies. In certain cases such opinions were compulsory and binding, such as when replacing a key manager and approving investments exceeding certain constraints set up in the Fund’s investment policy.

Conflicts Committee

The Conflicts Committee was composed of 3 members appointed among of the Advisory Committee members. The Conflicts Committee was called to express binding opinions to the F2i SGR Board of Directors regarding transactions where there might have been a conflict of interest and transactions with related parties.