What Primo Capital does

Primo Capital SGR S.p.A. is an Italian alternative asset management firm (Società di Gestione del Risparmio) headquartered in Milan and registered with the Albo dei gestori di FIA at no. 151. Originally founded in 2016 as Primomiglio and rebranded through Primo Ventures to Primo Capital in November 2024, the firm operates as a multi-fund investment platform dedicated to Italian and European technology companies across four verticals: digital, space economy, climate tech, and healthcare. The platform manages seven funds (Barcamper Ventures, Barcamper Ventures Lazio, Primo Space Fund, Primo Digital, Fondo Health, Primo Health, and Primo Climate) with over €502M committed capital and 50+ portfolio investments, ranging from seed to private equity buyouts. Primo Space Fund was the first VC fund in continental Europe dedicated exclusively to space tech (final closing above €85M in 2022); Primo Digital (final closing above €62M in 2024), Primo Health (first closing €64M against €120M target in October 2024), and Primo Climate (first closing above €40M against €60M target in June 2024) are classified under SFDR Article 8, and the firm became a UN PRI signatory in 2024.

The firm's revenue model rests on recurring management fees on committed/invested capital across its funds, supplemented by carried interest on fund performance and advisory fees on portfolio company transactions. Limited partners include European Investment Fund, CDP Venture Capital SGR, Banca Sella Holding, Tinexta, Fondo Italiano d'Investimento, Compagnia di San Paolo, Fondazione ENPAM, Italian pension fund Fon.Te, Green Transition Fund-PNRR, and banking foundations. Strategic ecosystem partnerships include ESA Φ-Lab and the E. Amaldi Foundation (space-tech technical due diligence for Primo Space) and LifeGate (climate advisory/marketing for Primo Climate). The firm is led by Chairman Gianluca Dettori, CEO Antonio Concolino (also Partner at Primo Digital), and a partner-led structure with sector-dedicated general partners across each vertical fund; team size is approximately 29 across partners, directors, investment managers, analysts, associates, and administrative staff.

There is no proprietary product technology; Primo Capital is a fund management platform with sector-specialized investment teams, proprietary deal-screening and due-diligence processes, and an ESG policy adopted since 2022. The platform's growth strategy is centered on continuing to scale AUM across its four verticals (with Primo Health still mid-fundraise toward its €120M target and Primo Climate building toward €60M), expanding into Private Equity through Primo Health, and selectively participating in pan-European deals across Spain, France, the UK, and select North American deep-tech companies.

Name

Primo Capital

Legal name

Primo Capital SGR S.p.A.

Website

https://primo.capital

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Primo Capital is an Italian alternative asset management firm (SGR) operating a multi-fund venture capital and private equity platform across digital, space economy, climate tech, and healthcare, managing €502M+ committed capital across seven funds and 50+ portfolio investments.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity Asset Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Thematic / Sector-Focused Multi-Manager Platforms (FSANAGAH)

akta.pro secondary industries

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ), Regional / Country-Focused Multi-Manager Platforms (FSANAGAI)

Keywords

• Venture capital fund
• Private equity management
• Alternative asset management
• Institutional fund management
• Growth equity investing

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund management and advisory fees: Primo Capital generates recurring revenue through management fees on committed and invested capital across its seven managed funds (Barcamper Ventures, Barcamper Ventures Lazio, Primo Space Fund, Primo Digital, Fondo Health, Primo Health, Primo Climate). The firm also earns carried interest on fund performance and advisory fees on portfolio company transactions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Primo Capital SGR S.p.A. is an Italian alternative investment fund manager (SGR) operating a multi-fund platform of seven venture capital and private equity funds across four technology verticals: digital (Barcamper Ventures, Barcamper Ventures Lazio, Primo Digital), space economy (Primo Space Fund), climate tech (Primo Climate), and healthcare (Fondo Health, Primo Health). The firm raises capital from institutional limited partners and deploys it via seed-to-growth equity investments and private equity transactions into Italian and European technology companies, earning management fees on committed/invested capital and carried interest on fund performance.

Product overview

Primo Capital SGR S.p.A. is the leading independent Italian alternative-investment platform dedicated to technology sectors crucial for economic development, operating as a platform of specialized funds rather than a single product. It is structured around four verticals (digital, space economy, climate tech, and healthcare) and seven funds: Barcamper Ventures and Barcamper Ventures Lazio (digital seed/early-stage VC), Primo Space Fund (space-economy VC), Primo Digital (digital-sector VC), Fondo Health and Primo Health (healthcare VC and PE respectively), and Primo Climate (climate-tech growth VC). Together these funds have deployed over €500 million of committed capital across 50+ investments, with Primo Space Fund, Primo Digital, Primo Climate, and Primo Health all classified under SFDR Article 8 for ESG promotion.

Differentiator

Problem solved

Functional benefit

Brands

• Primo Space Fund: First venture capital fund in continental Europe to focus exclusively on space tech; invests in seed to early-stage space economy companies.
• Primo Digital
• Primo Health
• Primo Climate
• Barcamper Ventures
• Barcamper Ventures Lazio
• Fondo Health

Products and services

• Barcamper Ventures Venture capital fund focused on high-potential technology startups in the digital sector, with a portfolio including Brandon Group (BrandOn), Cortilia, Cubbit, WordLift, and YOLO. Investment period has ended; the fund now only makes follow-on investments.
• Barcamper Ventures Lazio

Quantifiable outcome

• €502M committed across multiple funds
• +3 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered flagship technical partner, flagship advisory partner, ecosystem affiliation, co-investor, strategic co-investor, co-investor / accelerator and advisor.

• ESA Φ-Lab (European Space Agency)flagship technical partnerStrategic or Co-development Partner · 8 July 2021Primo Space Fund signed an agreement with ESA Φ-Lab to boost the new space economy, announced 8 July 2021. The partnership supports technology scouting and acceleration in upstream space innovation.
• Fondazione E. Amaldiflagship technical partnerStrategic or Co-development PartnerThe E. Amaldi Foundation provides expert support to Primo Capital's investment team on technical assessments and technology due diligence for the Primo Space Fund's space economy investments.
• LifeGateflagship advisory partnerStrategic or Co-development PartnerItalian Benefit Corporation recognized as the benchmark for sustainability in Italy. Strategic partnership for innovation in climate change technologies; provides advisory, scouting, and marketing support to Primo Climate fund and its portfolio companies.
• Italian Tech Allianceecosystem affiliationGTM or Marketing PartnerPrimo Capital displays the Italian Tech Alliance logo on its website, indicating membership in the network of leading Italian technology investment firms.
• Techshopco-investorStrategic or Co-development PartnerItalian deep-tech investor; co-investor alongside Primo Capital in the $4.2M pre-seed round of Mirai Robotics (announced 9 March 2026).
• Wayra (Telefónica's corporate venture capital arm)co-investorStrategic or Co-development PartnerTelefónica's CVC arm participated as co-investor alongside Primo Capital in the $8M Series A round of Quantum Bridge Technologies (announced 21 May 2026).
• Hewlett Packard Enterprise (HPE)strategic co-investorStrategic or Co-development PartnerHPE participated as a strategic co-investor alongside Primo Capital in the $8M Series A round of Quantum Bridge Technologies for quantum-safe cybersecurity infrastructure.
• Fit4Start Programme (Luxembourg)co-investor / acceleratorStrategic or Co-development PartnerMON5 was selected for the 14th edition of Luxembourg's Fit4Start Programme after Primo Capital's Primo Space fund led the €1.7M round; Fit4Start contributed additional support to expand operations to Luxembourg.
• DLA PiperadvisorImplementation/ SI/ Consulting PartnerInternational law firm serving as legal advisor to Primo Health on the MT Ortho transaction, handling legal and corporate matters.
• Grant ThorntonadvisorImplementation/ SI/ Consulting PartnerProfessional services firm providing financial and tax due diligence for Primo Health on the MT Ortho transaction.
• T8PadvisorImplementation/ SI/ Consulting PartnerAdvisory firm providing ESG advisory services to Primo Health on the MT Ortho transaction.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• CDP Venture Capital SGR: Cassa Depositi e Prestiti's venture capital arm and a leading Italian VC platform managing multiple sector-specific funds with EIF and institutional backing; direct LP and co-investor with Primo Capital across Primo Space, Primo Digital, Primo Climate, and Primo Health.
• P101 Ventures: Italy-focused early-stage venture capital firm investing in digital and deep-tech startups; comparable to Primo Digital and Primo Space in geography and stage focus, with a multi-fund platform structure.
• United Ventures: Italian venture capital firm managing multiple early/growth funds focused on B2B software, fintech, and digital; direct comparable to Primo Capital's Primo Digital fund in stage and sector.
• Oltre Venture: Italian VC firm investing in early-stage digital and impact-driven startups; overlaps with Primo Digital's B2B software and impact-tech focus, and similar fund-of-institutional-LP structure.
• Vertis SGR: Italian asset management company (SGR) running multiple private equity and venture capital funds; co-invested alongside Primo Capital in XBOOKS and serves a comparable institutional LP base in Italy.
• Indaco Venture Partners: Italian VC firm managing technology-focused early-stage funds with institutional LP backing; comparable to Primo Digital and Primo Space in stage, geography, and institutional structure.

Broad incumbents

• Tamburi Investment Partners: Italy's leading independent mid-market private equity/venture listed firm; broader portfolio spanning growth, venture, and club deals; provides a benchmark for Italian mid-market PE/VC platform scale and exit execution.
• Azimut Group: One of Italy's largest independent asset managers with a private markets/venture arm; comparable in SGR structure and Italian institutional LP access, though operating at much larger scale across asset classes.
• Ardian: Global private investment house with significant European and Italian operations across PE, VC, and private credit; relevant for benchmarking platform scale, LP management, and European multi-fund investment operations.

Emerging players

• Italian Angels for Growth: Italy's largest business angel network; partner of Giusy Cannone in her career path; relevant for early-stage deal flow that may eventually feed Primo Capital's seed and pre-seed investments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/primomiglio-sgr
• Xx.com/PrimoVc

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments85 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Primo Capital