# Banca Generali Pmi2Change initiative for Italian SMEs > Live situation record from CLSTR: https://clstr.news/situations/banca-generali-pmi2change-initiative-for-italian-smes > Updated: 2026-09-28T09:10:59.000Z. Sources: 17. Developments: 2. Banca Generali launched the Pmi2Change project to address the capital gap for Italian small and medium-sized enterprises (SMEs). To improve liquidity and visibility for these companies, the bank and Intermonte developed the Intermonte Valore Italia index, which tracks 100 listed companies with market capitalizations below 1 billion euros. Following the initiative's launch, the Investlinx Intermonte Valore Italia ETF raised 100 million euros in less than three months. The fund tracks the aforementioned index, which covers a diversified group of SMEs representing approximately 22 billion euros in total capitalization. Early performance data shows that the constituent stocks have seen average returns of 12% to 13%, outperforming the FTSE MIB and the FTSE Italia Small Cap Index. The long-term objective of the initiative is to reach 500 million euros in assets to help reduce the valuation discount applied to Italian SMEs. ## Timeline ### 2026-09-28: AI infrastructure investments and market volatility reshape global bond and equity sectors AI infrastructure demands are driving massive corporate debt issuances, while Italian markets face volatility from tech trends and rising US Treasury yields. 15 sources. https://clstr.news/cluster/banca-generali-etf-raises-100-million-euros-for-italian-smes ### 2026-09-20: Banca Generali launches Pmi2Change to support Italian SMEs Banca Generali launched the Pmi2Change initiative and the Intermonte Valore Italia index to increase liquidity and capital access for Italian small and medium-sized enterprises. 2 sources. https://clstr.news/cluster/banca-generali-launches-pmi2change-to-support-italian-smes --- Cite as: Banca Generali Pmi2Change initiative for Italian SMEs. CLSTR, https://clstr.news/situations/banca-generali-pmi2change-initiative-for-italian-smes