What Star Capital SGR does

Star Capital SGR S.p.A. is an independent Italian asset management company (Società di Gestione del Risparmio) headquartered in Milan that specialises in private equity investment in Italian small and medium enterprises. Founded in 2000 and operationally active since November 2002, the firm has raised four closed-end funds reserved to Qualified Investors: Star Social Responsible Fund (€100.3M, 2002), Star Bridge Social Responsible Fund (€70M, 2006), Star III Private Equity Fund (€87.7M, 2012), and Star IV Private Equity Fund (€140M, 2018/2020 close), giving roughly €230M of total commitments currently under management. Across these vehicles Star Capital has completed 27 direct investments and supervised 48 add-on acquisitions in Italian industrial and services companies.

The firm targets SMEs with turnover of €15–50M and EBITDA of €3–10M, taking majority stakes through three transaction structures: Management Buy-Outs and Leveraged Buy-Outs to resolve generational succession in family-owned businesses, and Development Capital for both organic growth and acquisitive external growth. The portfolio is concentrated in Italian companies with leadership positions in market niches and meaningful foreign-market exposure, spanning sectors as diverse as lighting (Starlight Group, Ivela, Elcom, IVELA Capital), fibre-optic cables (Starconnect/Optoplast), high fashion (Gruppo Florence), office equipment rental (Gruppo Typos), biomedical (Biosys), and judicial-auction services (Edicom).

Revenue is generated through conventional closed-end-fund economics: management fees on committed/invested capital, supplemented by carried interest on realised returns. The eight-person team is fully independent — capital has been 100% management-owned since a May 2010 buyout from Efibanca and Palladio Finanziaria — and operates as a Società a unico socio under the direction and coordination of SofoS srl. Star Capital's sfdr classification is Article 6 for the existing funds, with the next vintage (Star V) positioned as Article 8 to access ESG-mandated European institutional capital.

Name

Star Capital SGR

Legal name

STAR CAPITAL Società di Gestione del Risparmio SpA

Website

https://starcapital.it

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Star Capital SGR is an independent Milan-based private equity firm managing closed-end funds that invest in Italian SMEs (€15–50M turnover) through MBO/LBO and development capital transactions, with approximately €230M under management across four funds.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

Keywords

• Private equity funds
• Asset management services
• SME investment management
• Management buyout transactions
• Development capital investing

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management: Star Capital manages closed-end private equity funds targeting Italian SMEs. Revenue is generated through management fees on committed capital and carried interest on investment returns. The firm has raised four funds: Star Social Responsible Fund (€100.3 mln), Star Bridge Social Responsible Fund (€70 mln), Star III Private Equity Fund (€87.7 mln), and Star IV Private Equity Fund (€140 mln). Total commitment under management is approximately €230 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Star Capital SGR S.p.A. is an independent asset management company (Società di Gestione del Risparmio) that raises and manages closed-end private equity funds dedicated to small and medium-sized Italian companies (turnover €15-50 million, EBITDA €3-10 million). The firm invests through Management Buy-Out, Leveraged Buy-Out, and Development Capital transactions to address generational succession, shareholder rationalization, and internal/external growth, drawing capital primarily from Italian and foreign institutional investors and high-net-worth individuals.

Product overview

Star Capital SGR is an independent asset management company (Società di Gestione del Risparmio) managing closed-end private equity funds focused on small and medium-sized Italian companies (turnover €15-50 million, EBITDA €3-10 million). The firm operates four closed-end funds: Star Social Responsible Fund (SSRF, €100.3M), Star Bridge Social Responsible Fund (SBSRF, €70M), Star III Private Equity Fund (€87.7M), and Star IV Private Equity Fund (€140M). Investment services include Management Buy-Out/Leveraged Buy-Out transactions and Development Capital for internal and external growth. The company has completed 27 direct investments plus 48 add-on acquisitions, with funds classified under SFDR Article 6 and Article 8 regulations.

Differentiator

Problem solved

Functional benefit

Products and services

• Star Social Responsible Fund (SSRF) Closed-end private equity fund reserved to qualified investors, focused on Italian SMEs; final endowment €100.3 million; investment activity completed in April 2006 with 8 investments, all divested. Targeted at qualified institutional investors and HNWI seeking exposure to the Italian SME mid-market.
• Star Bridge Social Responsible Fund (SBSRF) Closed-end private equity fund reserved to qualified investors, focused on Italian SMEs; final endowment €70 million; investment activity completed in December 2011 with 6 investments, all divested; fund is under final liquidation. Targeted at qualified institutional investors and HNWI.
• Star III Private Equity Fund Closed-end private equity fund reserved to qualified investors, focused on Italian SMEs; final endowment €87.7 million; investment activity completed in July 2018 with 7 investments, 5 divested. Targeted at Italian and foreign institutional investors and HNWI.
• Star IV Private Equity Fund Closed-end private equity fund reserved to qualified investors, focused on Italian SMEs; total commitment €140 million; investment activity concluded in August 2023 with 7 investments, 1 divested. Portfolio includes Starlight Group (lighting), Gruppo Typos, Gruppo Florence, Bio.Design, Edicom Finance, and Starconnect/Optoplast.
• Management Buy-Out / Leveraged Buy-Out Services Private equity investment service for Italian SMEs (turnover €15-50M, EBITDA €3-10M) seeking succession solutions or shareholder restructuring. Star Capital acquires majority stakes via MBO/LBO structures, targeting companies in market-niche leadership positions with significant foreign market exposure. For owners, founders, and family shareholders of mid-market Italian SMEs.
• Development Capital Services Private equity investment service for Italian SMEs (turnover €15-50M, EBITDA €3-10M) needing financial and managerial resources to support internal growth (capex, new products, geographic expansion, organizational strengthening) or external growth via add-on acquisitions. For owners and management teams of mid-market Italian SMEs.

Named customers8 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• IVELA Capital SGR S.p.A.coreStrategic or Co-development Partner · 13 February 2022Star Capital SGR, through Starlight Group, acquired control of IVELA Capital SGR S.p.A. as part of its strategy to consolidate Italian lighting excellence. Star Capital had previously invested in ELCOM and is expanding its presence in the Italian lighting sector.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Clessidra SGR: Italy-focused mid-market private equity firm managing buyout funds targeting Italian SMEs; directly comparable to Star Capital in geography, target company size, and buyout/LBO strategy.
• Wise SGR: Italian asset management company (SGR) raising private equity funds focused on small and mid-cap Italian companies, closely matching Star Capital's mandate of investing in PMI with succession or growth capital needs.
• Investindustrial: Pan-European mid-market private equity firm with a long-standing Italian focus and LBO/development capital approach; comparable in target segment (Italian SMEs) but operates at meaningfully larger fund size.
• DeA Capital Alternative Funds SGR: Italian alternative asset manager with private equity and private credit strategies targeting Italian mid-market companies; similar product set (PE fund management in Italy) at slightly larger scale.
• Alcedo SGR: Italian asset management company raising private equity funds (including SME-focused vehicles) and providing development capital; directly comparable strategy and target market to Star Capital.
• Anthilia Capital Partners SGR: Italian independent asset manager offering private equity, private debt and alternative strategies to Italian SMEs; overlapping segment, customer base (PMI), and product type (closed-end funds).

Broad incumbents

• Ardian: Large European private investment house with active mid-market buyout activity in Italy including direct lending and PE; competes for the same Italian SME deals but operates with substantially more capital and strategies.
• Permira: Global private equity firm with established European mid-market buyout franchise including Italian transactions; competes for similar LBO opportunities at the upper mid-market end of Star Capital's range.

Regional players

• Bregal Unternehmerkapital: DACH-focused mid-market PE firm under the Bregal group with selected Italian activity; comparable mid-market LBO model but with primary focus on German-speaking markets.
• Heliad Capital Partners: European mid-market investment firm with Italian SME exposure; comparable in mid-market buyout orientation but with a broader DACH/Nordic geographic footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/star-capital-sgr-spa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A20 records

Investments32 records

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

Frequently asked questions about Star Capital SGR