What Tages Capital SGR does

Tages Capital SGR S.p.A. is an Italy-based independent asset management firm (Società di Gestione del Risparmio) registered with the Bank of Italy under no. 132 of the Asset Management Companies Register (AIFM Section). The firm manages four reserved closed-end alternative investment funds: three infrastructure funds focused on renewable energy and the energy transition—Tages Helios (€253M, 2015), Tages Helios II (€477M, 2018), and Tages Helios Net Zero (€554M, 2023, SFDR Article 9)—and Tages Credit Fund (€145M, 2023, SFDR Article 8), its first private debt vehicle. Total assets under management exceeded €1.4 billion as of March 2026, with a Gross Asset Value of more than €3 billion, making Tages the second-largest photovoltaic operator in Italy by installed capacity at over 900 MW across approximately 300 plants. The firm employs a buy-and-hold strategy executed through Delos Power, its asset-management and O&M subsidiary, which provides integrated technical oversight across the fleet.

The firm's investor base comprises roughly 30 institutional investors—including insurance companies, pension funds and banks (notably Fondazione Enpam, Sara Assicurazioni, and three banking foundations in Helios II)—alongside family offices, private banking networks, and private investors, predominantly Italian with international participation. Approximately 40% of Helios Net Zero capital came from first-time Tages LPs; for Tages Credit Fund, that figure was 81%. Distribution combines direct institutional sales with private banking channels. Revenue is generated primarily through AUM-based management fees plus performance fees on returns, with additional O&M income from Delos Power; pricing is not publicly disclosed.

Strategically, Tages is in the midst of consolidating with 21 Invest under Edizione sponsorship via a new private-markets platform called 21 Next (announced December 2025), which will acquire 100% of both firms while preserving management continuity. The firm is concurrently expanding into adjacent energy-transition verticals: biomethane (acquisitions in October 2024 and May 2025), battery storage, and EV-charging infrastructure via the IPlanet joint venture with Macquarie Capital. The senior team brings senior leadership pedigree from Edison, Citi, Schroders, F2i SGR, Lyxor, Deloitte and Macquarie, and the firm has been a UNPRI signatory since 2018.

Name

Tages Capital SGR

Legal name

Tages Capital SGR S.p.A.

Website

https://tagescapitalsgr.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Tages Capital SGR is an independent Italian asset manager operating four alternative investment funds (three infrastructure funds in renewable energy and energy transition, plus one private debt fund), serving institutional investors, family offices and Italian SMEs with €1.4B+ AUM and a buy-and-hold infrastructure strategy.

Ownership category

akta.pro rank

Headquarters

HQ city

Milano

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, Infrastructure, Others

Revenue model

1. Alternative Investment Fund Management Fees: Tages Capital SGR generates revenue through management fees charged on assets under management across its infrastructure funds (Tages Helios, Tages Helios II, Tages Helios Net Zero) and private debt fund (Tages Credit Fund). The firm also earns performance fees tied to fund returns. AUM exceeded €1.4 billion as of March 2026, with €700 million total fundraising for the latest two funds.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Tages Capital SGR S.p.A. is an Italian asset management firm (SGR – Società di Gestione del Risparmio) that manages closed-end alternative investment funds (FIA) for qualified professional and institutional investors. Its core offering comprises four reserved FIA funds: three infrastructure funds in the Tages Helios series (Tages Helios, Tages Helios II, and Tages Helios Net Zero) investing in operational renewable energy infrastructure — primarily photovoltaic and wind power plants, plus biomethane, battery storage, and electric mobility — and one private debt fund (Tages Credit Fund) financing Italian SMEs with sustainability-linked terms. Funds are distributed exclusively to qualified investors through direct institutional sales and private banking networks.

Product overview

Tages Capital SGR is an independent asset management firm managing four distinct investment funds with a combined strategy spanning infrastructure and private debt. The product portfolio includes three renewable energy infrastructure funds (Tages Helios, Tages Helios II, and Tages Helios Net Zero) focused on photovoltaic and wind installations, biomethane, battery storage, and electric mobility infrastructure, along with Tages Credit Fund targeting Italian SMEs through private debt financing. The firm operates through an innovative proprietary model with a buy-and-hold strategy, managing over 900 MW of installed renewable capacity across Italy. Total assets under management exceed €1.4 billion in commitments with €3 billion in Gross Asset Value.

Differentiator

Problem solved

Functional benefit

Brands

• Tages Helios: First infrastructure fund focused on renewable energy, raising €253 million
• Tages Helios II
• Tages Helios Net Zero
• Tages Credit Fund

Products and services

• Tages Helios First closed-end reserved FIA infrastructure fund of Tages Capital SGR, dedicated to renewable energy investments with a buy-and-hold strategy focused on photovoltaic and wind power installations. Operational from December 2015 and fully invested. Raised €253 million in commitments and was succeeded by Tages Helios II.
• Tages Helios II Second closed-end reserved FIA infrastructure fund of Tages Capital SGR, dedicated to renewable energy investments in photovoltaic and wind power installations. Operational from July 2018 and fully invested. Raised €477 million from institutional investors including Fondazione Enpam, Sara Assicurazioni, and three banking foundations. Manages 193 plants with 430 MW of installed capacity and was the subject of the €1.10 billion green loan refinancing awarded PFI Europe Portfolio Deal of the Year 2023.
• Tages Helios Net Zero Third closed-end private equity FIA infrastructure fund of Tages Capital SGR, dedicated to renewable energy and the broader energy transition (photovoltaic, biomethane production, battery storage, and electric mobility infrastructure such as the IPlanet EV-charging joint venture with Macquarie Capital). Classified as Article 9 under SFDR. Operational from March 2023 with a target fundraising of €750 million and final closing at €554 million in March 2026. Already invested over 50% of its capital, with expansion into biomethane, battery storage, and EV charging infrastructure. Co-invested with Macquarie Capital in EV Asset Holding (EVAH) controlling 50% of IPlanet.
• Tages Credit Fund First closed-end investment FIA private debt fund of Tages Capital SGR, focused on Italian SMEs. Provides financing for extraordinary finance operations, growth, and internationalization targeting companies with strong ESG improvement potential, including ESG-linked spread reductions. Classified Article 8 under SFDR. Operational from December 2023 with initial closing of approximately €80 million and final closing at €145 million in March 2026; first investment was in Siare Engineering International (biomedical) as part of a leveraged buyout.

Quantifiable outcome

• Over 900 MW of installed renewable energy capacity across Italy, managed through ~300 plants
• +5 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• IPlanetcoreStrategic or Co-development Partner · 16 December 2025IPlanet is a 50%-owned joint venture between Macquarie Capital and IP, created to convert Italian fuel service stations into EV charging hubs. Tages Helios Net Zero increased its stake in EV Asset Holding (the holding controlling IPlanet) in December 2025. IPlanet aims to deploy ultrafast EV charging across 500+ areas in Italy.
• 21 InvestcoreStrategic or Co-development Partner · 1 December 2025Tages (along with Edizione) announced the creation of 21 Next, a new private markets platform. 21 Next will acquire 100% of both Tages and 21 Invest. Founders and senior managers of both Tages and 21 Invest will retain a significant minority stake, ensuring management continuity and alignment with investor interests.
• EdizionecoreStrategic or Co-development Partner · 1 December 2025Edizione partnered with Tages to create 21 Next, a new private markets platform consolidating Tages and 21 Invest under unified ownership. Edizione brings its industrial and investment expertise to the platform.
• Global Solar FundminorOthers · 1 January 2024Global Solar Fund is referenced as a related entity alongside Delos Power on the Tages Capital SGR website for additional information on managed assets.
• Politecnico di Milano (Department of Design)minorStrategic or Co-development Partner · 1 January 2023Tages collaborated with the Department of Design of Politecnico di Milano to develop its Carbon Footprint Analysis, quantifying CO2 emissions across Scope 1, 2, and 3. The Carbon Footprint Report was first published in 2023 covering 2022 data, and subsequently for 2023 and 2024.
• Green Future ProjectminorStrategic or Co-development Partner · 26 April 2022Tages Capital SGR partnered with Green Future Project for natural reserve regeneration and conservation projects and renewable energy development initiatives, supporting the firm's path toward carbon neutrality.
• Delos PowercoreStrategic or Co-development PartnerDelos Power is the asset management and operations & maintenance subsidiary for photovoltaic and wind plants owned by the funds managed by Tages Capital SGR. Delos manages the entire fleet of plants across Tages Helios, Tages Helios II, and Tages Helios Net Zero, providing integrated technical management.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Ardian: Global private investment house with large infrastructure and private debt franchises. Comparable as a broad incumbent in European infrastructure and direct lending, serving similar institutional LP base but at much larger scale (€160B+ AUM).
• Brookfield Asset Management: Global alternative asset manager with a major renewable energy and infrastructure platform. Comparable as a broad incumbent competing for institutional capital in the energy transition infrastructure space.
• Azimut Holding: Italy's largest independent asset manager with alternatives and infrastructure capabilities. Comparable as a broad Italian asset management incumbent distributing alternative investment products to Italian institutional and private banking clients.
• Macquarie Asset Management: World's largest infrastructure manager and active co-investor alongside Tages in IPlanet (EV charging). Comparable as a global infrastructure incumbent with Italian/European energy transition exposure, including direct partnership with Tages.
• KKR Infrastructure: Global infrastructure platform within KKR with European renewable energy and energy transition strategies. Comparable as a broad incumbent targeting similar institutional LPs with infrastructure allocation mandates.

Direct peers

• Cube Infrastructure Managers: European infrastructure fund manager focused on greenfield and brownfield projects in energy, transport, and digital infrastructure. Comparable mid-market European infrastructure franchise with similar institutional LP orientation.
• Antin Infrastructure Partners: European mid-market infrastructure fund manager with strategies overlapping Tages Helios in energy transition and operational infrastructure. Comparable as a specialist European infra manager with similar vintage fundraising and institutional LP base.
• F2i SGR: Italy's largest infrastructure fund manager (€7.5B+ AUM), with overlapping strategies in energy infrastructure and Italian institutional investor base. Directly comparable: Tages's Senior Partner Carlo Michelini was previously Equity CIO of F2i SGR for 17 years.
• Green Arrow Capital: Italian alternative asset manager focused on private debt and private equity for Italian SMEs. Directly comparable on the private debt side: Tages CIO Private Debt Giovanni Mattioli was formerly CIO of Green Arrow Private Debt Fund, and Tages Credit Fund targets the same Italian SME segment.

Emerging players

• 21 Invest: European mid-market private equity firm combining with Tages under the 21 Next platform. Comparable as a partner in the announced 21 Next vehicle; serves as a strategic peer in the consolidation of European private markets platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tages-capital-sgr

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors6 records

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

M&A

Investments

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

Frequently asked questions about Tages Capital SGR