EQUITA

What EQUITA does

EQUITA Group S.p.A. is an independent Italian investment bank founded in 1973 and listed on Euronext STAR Milan (ticker: EQUI), headquartered in Milan with 101-250 employees. The company operates across four synergistic business areas: Investment Banking (ECM, DCM, M&A, Debt Advisory & Restructuring, Real Estate Advisory, Corporate Broking); Global Markets (largest independent trading floor in Italy serving institutional and retail clients via sales & trading and proprietary desks); Equity Research (focused on Italian mid and small caps); and Alternative Asset Management (private debt, private equity, renewable infrastructures, liquid strategies) managed through subsidiary EQUITA Capital SGR.

Revenue is generated through three primary streams: transaction-based advisory fees from investment banking mandates, trading commissions and market access fees from sales & trading, and recurring management fees from alternative asset management. FY2025 net revenues reached €111.7 million, up 41% year-on-year, with alternative asset management contributing €11.2 million (+29% YoY). The customer base spans listed corporates, entrepreneurs and family businesses, institutional investors, and SMEs — distributed through field enterprise sales, inside sales via EQUITA SIM (the Consob-regulated broker-dealer), and an exclusive partnership with Clairfield International for cross-border M&A.

The platform is structurally differentiated by its independent status, partnership culture (managers and employees are shareholders of the Group), and an integrated multi-subsidiary structure. Strategic moves including the pending €70 million acquisition of Xenon Private Equity (to double AUM to €2 billion), the €20 million BCC Iccrea Group partnership for a 15% stake, and the launch of EQUITA Private Debt Fund III (€160 million closing) are scaling the recurring AUM-based fee stream and extending product breadth into renewable infrastructure and Italian listed small caps.

Name

EQUITA

Legal name

EQUITA Group S.p.A.

Website

https://equita.eu

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

101–250 employees

Short description

EQUITA is an independent Italian investment bank founded in 1973, listed on Euronext STAR Milan, serving corporates, entrepreneurs, institutional investors, and SMEs through investment banking advisory, sales & trading, equity research, and alternative asset management.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Credit Intermediation and Related Activities (522), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Loan Brokers (6163), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Equities Brokerage (FSAEACAH)

akta.pro secondary industries

Equities Market Making (FSACANAA), Equity Prime Brokerage (Custody, Financing & Services) (FSACAFAB), Direct Lending — Asset-Based Lending (ABL) (FSAHAJAE)

Keywords

• Investment banking services
• M&A advisory
• Capital markets advisory
• Alternative asset management
• Equity research

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Banking Advisory: M&A advisory, ECM (equity capital markets), DCM (debt capital markets), debt advisory, restructuring, real estate advisory, and corporate broking services generating advisory fees and transaction-based revenue.
2. Research & Trading: Institutional and retail sales & trading, proprietary trading desk, equity research, bond research, and sector/thematic research generating trading commissions and market access fees.
3. Alternative Asset Management: Management fees from private debt, private equity, renewable infrastructure, and liquid strategy funds. Post-Xenon acquisition, annual management fees expected to triple to over €30 million from 2026, with assets under management doubling to €2 billion.
4. Alternative Asset Management Fees: Net revenues from alternative asset management reached €11.2 million in 2025, a 29% increase from €8.7 million in 2024, contributing to overall group revenues of €111.7 million, up 41% year-on-year.

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

EQUITA is an independent Italian investment bank offering a one-stop-shop of services across four business areas: Investment Banking (Equity Capital Markets, Debt Capital Markets, M&A, Debt Advisory & Restructuring, Real Estate Advisory, Corporate Broking), Global Markets (institutional and retail sales & trading via the largest independent trading floor in Italy), Equity Research focused on mid and small caps, and Alternative Asset Management (Private Debt, Private Equity, Renewable Infrastructures, Liquid Strategies) through EQUITA Capital SGR.

Product overview

EQUITA is a leading independent Italian investment bank operating through four synergistic business areas: Investment Banking (offering ECM, DCM, M&A, Debt Advisory & Restructuring, Real Estate Advisory, and Corporate Broking), Global Markets (Sales & Trading for institutional and retail investors), Equity Research (focused on mid and small caps), and Alternative Asset Management (Private Debt, Private Equity, Renewable Infrastructures, and Liquid Strategies). The group includes subsidiaries such as EQUITA Capital SGR (managing private debt, private equity, and infrastructure funds including EQUITA Private Debt Fund II/III, EQUITA Smart Capital ELTIF, and EQUITA Green Impact Fund), EQUITA Mid Cap Advisory (mid-market M&A advisory, formerly K Finance), EQUITA Debt Advisory (financial restructuring and debt solutions), and EQUITA Real Estate. The company is listed on Euronext STAR Milan.

Differentiator

Problem solved

Functional benefit

Brands

• EQUITA Capital SGR: Alternative asset management platform managing private debt, private equity, renewable infrastructures, and liquid strategies funds
• EQUITA Mid Cap Advisory
• EQUITA Debt Advisory
• EQUITA Real Estate
• EQUITA Clairfield
• Fondazione EQUITA

Products and services

• Investment Banking One-stop-shop independent investment banking services including Equity Capital Markets (ECM), Debt Capital Markets (DCM), Mergers and Acquisitions (M&A), Debt Advisory & Restructuring, Real Estate Advisory, and Corporate Broking for corporates, listed companies, entrepreneurs, and family businesses.
• Global Markets Largest independent trading floor in Italy supporting institutional and retail investors with Sales & Trading services (Institutional and Retail Hub) and proprietary desks.
• Equity Research (Ricerca) Impartial market insights and in-depth analysis on listed companies with a distinctive focus on mid and small caps, including equity research, bond research, sector and thematic research, and company-investor meetings.
• Alternative Asset Management Multi-asset alternative investment platform offering Private Debt, Private Equity, Renewable Infrastructures, and Liquid Strategies funds, plus capital and managerial expertise to support entrepreneurs' growth strategies.
• EQUITA Mid Cap Advisory M&A, sell-side, and corporate finance advisory services for the mid-market segment, assisting entrepreneurs and family businesses with mergers, acquisitions, succession, and capital markets access; founder of Clairfield International and exclusive member for Italy.
• EQUITA Debt Advisory Specialized financial advisory boutique focused on corporate finance and debt solutions, including debt restructurings, new funding, and UTP/NPL portfolio transactions for SMEs, entrepreneurs, and institutions.
• Private Debt Tailor-made debt financing covering the entire capital structure of Italian small and medium enterprises, managed through proprietary and proxy products such as closed-end funds.
• Private Equity Financing aimed at fostering growth of small and medium-sized enterprises through majority stake investments or qualified minorities, providing capital and managerial expertise.
• Renewable Infrastructures (EGIF) Investments dedicated to renewable energy infrastructures (wind farms, photovoltaic portfolios), aimed at easing green transition in Italy.
• Liquid Strategies Discretionary portfolios and flexible funds combining macro and industry trend identification with deep understanding of company fundamentals.
• EQUITA Private Debt Fund II Second private debt fund managed by EQUITA Capital SGR with €237 million raised, investing in Italian SMEs and expanding internationally into the DACH region alongside co-investors like Pemberton.
• EQUITA Private Debt Fund III Third private debt fund managed by EQUITA Capital SGR, reaching €160 million at a new closing in July 2025, investing in Italian SMEs.
• EQUITA Smart Capital – ELTIF ELTIF (European Long-Term Investment Fund) making minority stake acquisitions to build and support Italian SMEs, such as in the luxury footwear sector.
• EQUITA Green Impact Fund (EGIF) Green impact fund investing in renewable energy infrastructure including wind farms and photovoltaic portfolios across Italy.
• EQUITA Rilancio Small Cap Italia New closed-end fund reserved for investment in Italian listed SMEs (small-cap companies), approved by Consob in October 2025.

Quantifiable outcome

• Doubling of AUM to €2 billion following Xenon acquisition
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Xenon Private EquitycoreStrategic or Co-development Partner · 18 March 2026EQUITA signed binding agreement to acquire 100% of Xenon AIFM SA and Xenon GP Sarl for €70 million (€35M cash + €35M in newly issued shares). Xenon is a fully independent private equity firm founded in 1990 by Danilo Mangano and Franco Prestigiacomo, specializing in private equity investments in Italian SMEs. The acquisition will double EQUITA's AUM to €2 billion and triple management fees to €30+ million annually.
• DOMINIONcoreStrategic or Co-development Partner · 22 January 2026EQUITA Green Impact Fund (EGIF) entered partnership with DOMINION for construction of 74MW photovoltaic portfolio. Marks the start of the investment phase for EGIF's renewable infrastructure strategy.
• Clairfield InternationalcoreStrategic or Co-development PartnerExclusive partnership for cross-border M&A advisory. EQUITA Mid Cap Advisory is founder of Clairfield International and exclusive member for Italy. Network comprises 30 offices and 400+ professionals worldwide, identifying cross-border opportunities for Italian and foreign companies.
• Università BocconicoreStrategic or Co-development PartnerPartnership since 2013 for capital markets research, events, and education. Activities include the 'Osservatorio sul Mercato dei Capitali in Italia' (Capital Markets Observatory), annual conferences with institutional participants, best capital markets strategies award, and student scholarships. Also includes 'Women in Finance' initiative.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Mediobanca: Italy's leading independent investment bank with ECM, DCM, M&A advisory, and consumer/private banking. Closest direct competitor to EQUITA in Italian mid-cap advisory and capital markets.
• Intermonte: Independent Italian broker and investment bank focused on mid and small caps, equities research, ECM, and corporate advisory — directly overlapping EQUITA's core franchise.
• Banca Akros: Milan-based investment bank (part of Banco BPM group) offering ECM, DCM, M&A advisory, sales & trading, and research across Italian equities — competing head-to-head with EQUITA SIM.
• Kepler Cheuvreux: European independent broker and advisor with strong mid/small-cap equity research and corporate services — directly comparable in independent research-led European coverage.
• Bryan, Garnier & Co: European independent investment bank focused on mid-cap M&A, ECM, and sector research — closely comparable to EQUITA Mid Cap Advisory in target clients and deal sizes.
• Banca Generali: Italian wealth management and brokerage firm with asset gathering capabilities — comparable to EQUITA's alternative asset management and private banking-adjacent distribution.

Broad incumbents

• Houlihan Lokey: Global independent advisory firm with strong M&A, restructuring, and capital markets practices — overlapping with EQUITA's investment banking franchise at a larger international scale.
• Lazard: Global independent financial advisory and asset management firm with strong European M&A and capital markets presence — comparable as a larger independent peer in advisory services.
• Evercore: Global independent investment banking advisory firm — comparable business model of independent, research-led advisory targeting mid and large-cap clients.
• Ardian: Global private investment house with private debt, private equity, and infrastructure strategies — comparable to EQUITA Capital SGR's multi-asset alternative platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments

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

Frequently asked questions about EQUITA