FSI
- Company typePrivate
- Founded2012
- HeadquartersMilan, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
FSI firmographics
Firmographics- Name
- FSI
- Legal name
- FSI SGR S.p.A.
- Website
- https://www.fondofsi.it/
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
FSI industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Private Markets Fund of Funds (PE / VC / Private Credit FoF) (FSAHAKAF)
Keywords
Where FSI is headquartered
LocationHeadquarters
- HQ city
- Milan
- HQ country
- Italy
- HQ region
- Europe
Offices1 record
Markets served
FSI business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: FSI earns management fees on committed capital under management across its fund vehicles (FSI I, FSI II). These fees provide recurring revenue based on fund size.
- Carried Interest: FSI earns performance-based carried interest when portfolio companies achieve target returns, aligning fund manager incentives with investor returns.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | FSI Mid-Market Growth Equity Fund (FSI I) - €2 billion hard-cap fund targeting Italian mid-market companies |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
FSI product offering
Product offeringCore offering
FSI SGR S.p.A. is a private equity fund manager that raises capital from institutional investors and invests it as growth equity in Italian mid-market companies. The firm manages two fund vehicles (FSI Mid-Market Growth Equity Fund and FSI II Fund, together exceeding €2.5 billion), taking minority or controlling stakes in partnership with entrepreneurs and families across Technology/Fintech, Life Sciences, and Made in Italy sectors.
Product overview
FSI is a private equity fund manager specializing in growth capital investments in Italian mid-market companies. The firm operates two main funds (FSI Mid-Market Growth Equity Fund and FSI II Fund) organized around investment verticals including Technology/Fintech, Life Sciences, and Made in Italy. FSI's investment approach involves taking minority or majority stakes in partnership with entrepreneurs and families, supporting organic growth, acquisitions, sector consolidation, and succession management. The firm does not offer a software product but rather investment management services and capital for growth.
Differentiator
Problem solved
Functional benefit
Products and services
- FSI Mid-Market Growth Equity Fund (FSI I) First-generation growth equity fund (€2 billion hard-cap, ~€1.4 billion raised) that invests in leading Italian mid-market companies in partnership with entrepreneurs, families, and managers, supporting growth, consolidation, succession planning, and IPO pathways.
- FSI II Fund Second-generation growth equity fund (€1.6 billion final closing) that continues FSI's investment strategy focused on Italian mid-market companies with transformational growth opportunities across Technology/Fintech, Life Sciences, and Made in Italy sectors.
Quantifiable outcome
- Missoni revenues doubled to €130 million with EBITDA of €20 million under FSI ownership
- +4 more outcomes
Companies that use FSI
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles2 records
FSI technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
FSI partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- Katjes Quiet LuxurycoreFSI partnership with Katjes Quiet Luxury (owned by Fassin and Bachmueller families) for Missoni investment. FSI holds 73% controlling stake while Katjes Quiet Luxury acquires 27% with call option to become majority shareholder.
- Consorzio Casalasco del PomodorocoreFSI partnership with Casalasco's reference shareholder to invest over €200 million for sector build-ups and international expansion. Goal to create a European listed leader targeting €1.5 billion in revenues.
- RetexcoreFSI invested €100 million in Retex (approximately 80% stake) to establish a leading MarTech group targeting €500 million revenues. Retex is a Benefit Company focused on digital transformation.
- NicecoreFSI invested €100 million in Nice through reserved capital increase as first investment of FSI II fund. Two FSI representatives joined Nice Board: Carlo Bozotti (Vice Chairman) and Carlo Moser (Investment Director).
- Iccrea BancacoreIccrea Banca and FSI created BCC Pay, a new Italian digital payments player. FSI holds 60%, Iccrea Banca holds 40%, at valuation up to €500 million.
- Moretti FamilycoreMoretti family partnered with FSI for Lumson growth. Family retained 65%, FSI held 35%. Matteo Moretti as Chairman, Carlo Bozotti (FSI Industrial Partner) joined Board.
- Missoni FamilycoreMissoni Family (Angela, Luca, Giacomo Missoni) partnered with FSI for growth and international expansion. At closing, family retained 58.8% while FSI held 41.2%. Michele Norsa (FSI Industrial Partner) appointed Vice Chairman.
- LynxcoreFSI established new growth and consolidation platform for IT and digital services in Italy with Lynx in November 2021. Lynx completed multiple acquisitions including Insurance On Line, Double Consulting, and PIC Servizi per l'Informatica.
Scale indicators23 records
Recent moves8 records
Expansion highlights6 records
FSI competitors and assessment
Company assessmentDirect peers
- Investindustrial: Italian/European mid-market private equity firm investing in Italian and Southern European companies with similar sector verticals including consumer, technology, and industrial. Comparable scale and Italian mid-market focus makes it the closest direct peer to FSI.
- Clessidra Capital Partners: Italy-focused private equity firm with mid-market buyout and growth equity strategies. Competes directly with FSI for Italian family-owned business investments and succession-driven deals.
- Charme Capital Partners: Italian private equity firm focused on mid-market growth investments in Made in Italy sectors. Direct competitor for Italian family succession and growth capital deals with similar geographic and sector concentration.
Broad incumbents
- CVC Capital Partners: One of Europe's largest private equity firms with significant Italian portfolio activity. Much broader geographic and sector exposure but overlaps on Italian mid-market growth and tech-enabled consumer investments.
- EQT Partners: Major European private equity firm with active Italy-focused investments through EQT Growth. Larger scale but competes for high-quality Italian growth equity opportunities and similar institutional LP relationships.
- Permira: Global private equity firm with Italian operations. Notably acquired Kedrion from FSI before FSI reinvested, demonstrating direct competition for Italian mid-market opportunities across sectors including life sciences.
- Ardian: One of the world's largest private investment houses with significant European mid-market PE presence and Italian deal activity. Much larger and broader platform but directly competes for Italian growth equity deals.
Regional players
- Quadrivio Capital: Italian alternative asset manager with PE, private debt, and ESG strategies focused on Italian SMEs. Competes in overlapping mid-market segments particularly in Made in Italy and tech-enabled transformations.
- Green Arrow Capital: Italian alternative asset manager with PE and private debt strategies targeting Italian SMEs. Smaller in scale but operates in overlapping Made in Italy and Italian growth segments.
- Mandarin Capital Partners: Italian private equity firm specializing in mid-market buyouts primarily in Italy. Smaller scale but overlapping target market of Italian family-owned mid-market companies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
FSI social profiles
Digital presenceFSI financial estimates
Financial estimateRevenue estimate
Valuation estimate
FSI leadership team
Management profileNumber of profiles
Profiles11 records
FSI funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FSI M&A and investment
M&A and investmentM&A1 record
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FSI
What does FSI do?
FSI SGR S.p.A. is a private equity fund manager that raises capital from institutional investors and invests it as growth equity in Italian mid-market companies. The firm manages two fund vehicles (FSI Mid-Market Growth Equity Fund and FSI II Fund, together exceeding €2.5 billion), taking minority or controlling stakes in partnership with entrepreneurs and families across Technology/Fintech, Life Sciences, and Made in Italy sectors.
Is FSI a public or private company?
FSI is a private company. It is classified as corporate owned and is currently operating.
When was FSI founded?
FSI was founded in 2012. It employs 11 to 50 people.
Where is FSI based?
FSI is headquartered in Milan, Italy, in the Europe region.
How does FSI make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are FSI's main competitors?
Direct peers on record are Investindustrial, Clessidra Capital Partners and Charme Capital Partners. Broad incumbents are CVC Capital Partners, EQT Partners, Permira and Ardian. Regional players are Quadrivio Capital, Green Arrow Capital and Mandarin Capital Partners.
Does FSI have an API?
No public API is recorded for FSI.
What industry is FSI in?
FSI's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSAHAKAF, Private Markets Fund of Funds (PE / VC / Private Credit FoF). Its NAICS code is 5259 and its SIC code is 6282.