Seed Stage Operator Fund
We back exceptional Italian founders building the future — with a rigorous commitment to Environmental, Social and Governance principles across every investment decision.
Art. 8
SFDR Classification — Lumen II
100%
Portfolio companies ESG screened
SDGs
UN 2030 Agenda aligned
Our ESG Framework
Responsible investing,
at every stage.
Lumen II integrates sustainability risks and opportunities into its full investment lifecycle — from deal sourcing to exit — with measurable objectives and transparent reporting.
Environmental
We prioritise companies driving environmental reclamation and sustainable resource use, measuring carbon footprint and waste reduction as core KPIs.
- Carbon footprint (GHG scope 1–3)
- Environmental certifications
- R&D investment in green standards
- Hazardous waste and emissions
Social
We back founders creating skilled employment, talent retention and inclusive growth — supporting Italian SMEs and innovative startups with long-term social value.
- Long-term skilled job creation
- Gender diversity ratio
- Workplace safety policies
- Community engagement
Governance
Good governance is non-negotiable. Our Investment Committee reviews ESG due diligence reports alongside every investment memorandum, before any decision.
- Board gender diversity
- Independent directors
- ESG-linked incentive plans
- Anti-corruption policies
Investment Process
How we integrate ESG
From first screening to portfolio monitoring, sustainability is embedded into how we evaluate, select and manage every company.
We exclude tobacco, weapons, GMOs, pornography, gold trading and any company with demonstrated human rights violations from our entire investment universe.
SFDR Article 8 — Lumen II
Lumen II promotes environmental and social characteristics in accordance with EU Regulation 2019/2088. Managed by Ulixes SGR SpA, the fund integrates sustainability risk across a robust risk management framework covering environmental, social and governance dimensions at both fund and asset level.
Exclusion Policy
Sectors we do not invest in
Our exclusion policy screens out companies involved in activities that contradict our responsibility standards or pose material ESG risk.
The Fund also applies the European Do No Significant Harm (DNSH) principles and the Core Cross-Cutting Principles (PNRR) related to Gender Equality, Youth Empowerment and Reduction of Territorial Disparities.