The Conditional Subscription Agreement (ASC) combines legal innovation with regulated fintech infrastructure to align co-investment processes between funds and private investors, making transactions faster and more efficient. Already proven in live transactions, the framework is now public to establish a new industry standard.
MILAN, May 13, 2026 – Weltix, a leading fintech platform specializing in the digitization of unlisted financial instruments (private assets), in collaboration with law firm LEXIA and the Italian Tech Alliance, has unveiled the Accordo di Sottoscrizione Condizionato (ASC / Conditional Subscription Agreement). This new legal-operational framework is designed to make co-investment between institutional and private investors more efficient, aligned, and scalable.
The initiative took center stage at an launch event held on May 7 at LEXIA’s headquarters in Milan. The session highlighted the core features and practical applications of the ASC, which has already been successfully deployed in live transactions—including an €8 million secondary market operation involving D-Orbit S.p.A.
In the current market landscape, investment rounds that combine venture capital/private equity (VC/PE) funds with private investors often suffer from misaligned timelines, operational bottlenecks, and fragmented processes. These inefficiencies frequently disrupt deal execution and jeopardize overall transaction success. The ASC was created to overcome these hurdles. It introduces a regulated mechanism that allows platforms to raise capital from private investors ahead of the fund’s closing, subject to specific conditions precedent. The entire process is managed via platforms authorized and supervised by Consob in accordance with European Crowdfunding Service Providers (ECSP) Regulation (EU) 2020/1503.
By seamlessly integrating this legal instrument with a regulated digital infrastructure, the ASC transforms private investors from a fragmented, ancillary component into a fully integrated and strategic asset within the funding round.
LEXIA spearheaded the development of the ASC’s contractual architecture, defining its legal foundations and applications across various investment scenarios.
The Italian Tech Alliance, the benchmark association for the Italian venture capital and innovation ecosystem, supported the initiative to drive adoption and foster dialogue around these new operational workflows.
To maximize its impact on the industry, the ASC framework has been made available to the entire ecosystem as an open-source tool.
Media Contacts
Italian Tech Alliance | info@italiantechalliance.com | www.italiantechalliance.com
Weltix S.p.A. | press@weltix.tech | www.weltix.tech
LEXIA | milano@lexia.it | www.lexia.it
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