Name

Alcedo

Legal name

ALCEDO SGR S.p.A.

Website

https://alcedo.it

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

Keywords

• Private equity funds
• Growth capital
• SME investments
• Asset management
• Portfolio management

Headquarters

HQ city

Treviso

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Management fees charged on assets under management across Alcedo III, IV, and V funds. Fund sizes: Alcedo V (EUR 238 million), Alcedo IV (EUR 195 million), Alcedo III (EUR 173 million, liquidated).
2. Carry/Performance Fees: Performance-based carry earned on successful exits and investment returns from portfolio companies.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Alcedo SGR S.p.A. is an independent Italian asset management company (Società di Gestione del Risparmio) that manages private equity funds focused on growth capital investments in Italian small and medium enterprises (SMEs). The firm invests equity tickets of €5-30 million in companies with €10-120 million turnover, taking majority or minority controlling stakes, and provides strategic partnership alongside capital to support internal growth, acquisitions, internationalization, and generational transitions.

Product overview

Alcedo is an independent Private Equity firm (SGR - Società di Gestione del Risparmio) specializing in Growth Capital investments for Italian SMEs. The firm operates through a family of investment funds: Alcedo V (€238 million, 2021) as the current active vehicle, Alcedo IV (€195 million, 2016) completing its investment period, and Alcedo III, Cardine Impresa, and Eptasviluppo as liquidated legacy funds. Investment strategy focuses on Italian companies with €10-120 million turnover, with equity tickets ranging from €5-30 million, pursuing growth through both internal development and external acquisitions.

Differentiator

Problem solved

Functional benefit

Products and services

• Alcedo V Fund Current active private equity fund with €238 million total size (vintage 2021), investing in Italian SMEs with €10-120 million turnover and offering investment tickets of €5-30 million for growth capital transactions.
• Alcedo IV Fund Private equity fund with €195 million total size (vintage 2016, under management), having completed 10 investments with 5 exits and completed its investment period.
• Alcedo III Fund Liquidated private equity fund with €173 million total size (vintage 2008), invested in 10 companies with all investments divested and fund subsequently liquidated.
• Cardine Impresa Fund Historic closed-end private equity fund (vintage 2001, €70 million size) managed in partnership with Cardine Banca, subsequently liquidated.
• Eptasviluppo Fund Historic closed-end private equity fund (vintage 2002, €36 million size) managed in partnership with Cardine Banca, subsequently liquidated.

Quantifiable outcome

• EUR 800 million assets under management
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Xech S.r.l.minorStrategic or Co-development Partner · 16 February 2023Nethive acquired 70% of Xech S.r.l., an IT company specializing in software development, to strengthen Nethive's software business in cybersecurity.
• United Nations Global Compact (UNGC)coreOthers · 1 September 2021Alcedo became a signatory in September 2021. UNGC is the largest strategic corporate citizenship initiative promoting sustainable global economy, human rights, environmental protection, and anti-corruption.
• United Nations Principles for Responsible Investment (UNPRI)coreOthers · 1 October 2019Alcedo joined UNPRI in October 2019 and adopted Responsible Investment Policy (ESG Policy) to integrate environmental, social, and governance criteria into investment processes.
• AIFI (Italian Private Equity Association)coreOthersAlcedo is a member of AIFI, Italy's association for private equity and venture capital.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Wise Equity SGR: Italian independent mid-market private equity firm focused on Italian SMEs via buyout and growth capital strategies. Directly comparable to Alcedo in target company size, geography, and investment approach.
• Charme Capital Partners: Milan-based mid-market PE firm investing in Italian SMEs with €50-500M EV. Comparable in target segment and Italian mid-market focus, though Charme tends toward larger tickets than Alcedo.
• Clessidra Capital Credit SGR: Italian mid-market PE firm and Alcedo's co-investor in the PA A.B.S./PA Expertise acquisition. Directly comparable as a domestic sponsor targeting similar SME opportunities with buyout/growth strategies.
• Progressio SGR: Italian mid-market PE firm focused on SMEs with growth capital approach; former employer of Alcedo Investment Director Mattia Balagion. Directly comparable investment strategy and target segment.
• DeA Capital Alternative Funds SGR: Manages the Taste of Italy fund that jointly acquired Demetra with Alcedo V. Directly comparable as an Italian alternative asset manager with food/agri-food and SME focus.
• FVS SGR: Italian PE firm operating Fondo Sviluppo PMI; co-invested with Alcedo IV on Gourmet Italian Food and with Alcedo V on PA A.B.S./PA Expertise. Direct peer in the Italian SME growth-capital segment.
• 21 Investimenti: Italian mid-market PE firm founded by Alcedo Chairman Maurizio Tiveron and Honorary Chairman Giovanni Gajo in 1991. Closely comparable by strategy, target segment, and shared historical DNA.
• Assietta Private Equity SGR: Italian PE firm that sold its stake in Aeromeccanica Stranich to Alcedo in 2016. Comparable as a domestic sponsor focused on Italian SME buyouts and growth capital.

Broad incumbents

• Investindustrial: Larger pan-European mid-market PE firm with deep Italian roots. Comparable on target company profile but operates at significantly larger fund sizes and broader geographic scope.
• Ardian: Global PE firm with significant Italian mid-market activity through its Buyout and Growth funds. Comparable on Italian SME mid-market targeting but at substantially larger fund scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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

M&A10 records

Investments26 records

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

Frequently asked questions about Alcedo