What NB Aurora does

Aurora Growth Capital S.A. SICAV-RAIF, operating under the DBA NB Aurora, is a Luxembourg-domiciled private equity fund that invests growth and expansion equity of €20m-€60m per transaction into Italian small and medium-sized enterprises with €40m-€200m in revenues, primarily private and family-backed businesses with export potential, niche leadership, and growth or succession needs. Founded in 2017 and historically part of Neuberger Berman Group, the fund became independent in 2025 and is now managed by Renaissance AIFM S.à r.l., a CSSF-regulated alternative investment fund manager based in Luxembourg; the team operates from Milan and Luxembourg with 20+ professionals covering investment, operating, ESG, legal, and finance functions.

The fund pursues a Buy-and-Build strategy across five verticals — Industrial Manufacturing & Business Services, Made in Italy, Environmental & Sustainability, Tech Growth & Digital Transformation, and Healthcare — and is structured as a PIR-compliant investment vehicle under Italian law. To date, the portfolio comprises roughly 14 current and 15+ realized investments representing €3.0bn in aggregate portfolio revenues, more than 20,000 FTEs, and 110 add-on acquisitions. The firm differentiates through a hands-on industrial approach, disciplined governance, management team strengthening, and a proprietary responsible investment framework that tracks 25+ ESG KPIs per portfolio company annually.

Revenue is generated indirectly through portfolio value creation and realization events rather than a disclosed product pricing model; the firm monetizes via conventional PE fund economics — management fees on approximately €500m AuM and carried interest on exits. Distribution to investors is conducted through direct institutional and professional-client channels (MiFID II Annex II) rather than retail, with a 2025 transition toward SFDR Article 8 classification intended to broaden the EU institutional LP base.

Name

NB Aurora

Legal name

Aurora Growth Capital S.A. SICAV-RAIF

Website

https://nbaurora.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

NB Aurora (Aurora Growth Capital) is a Luxembourg SICAV-RAIF private equity fund deploying €20m-€60m growth equity tickets into Italian SMEs with €40m-€200m revenues across five verticals, now independent of Neuberger Berman and managed by Renaissance AIFM.

Ownership category

akta.pro rank

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private equity fund management: Aurora Growth Capital generates returns through value creation in portfolio companies and realization of investments via exits. Invests equity tickets of €20m-€60m in growth and expansion capital opportunities in Italian SMEs.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Aurora Growth Capital is a private equity fund (SICAV-RAIF) providing growth and expansion capital investments of €20m-€60m per company, acquiring majority and active minority stakes in high-potential Italian SMEs with €40m-€200m in revenues. The fund takes a hands-on industrial approach, partnering with entrepreneurs and managers across five core verticals: Industrial Manufacturing & Business Services, Made in Italy, Environmental & Sustainability, Tech Growth & Digital Transformation, and Healthcare. The strategy creates value through Buy and Build platforms in fragmented industries, internationalization support, and ESG best practices integration.

Product overview

NB Aurora (Aurora Growth Capital) is a private equity fund management company offering a single unified fund product: Aurora Growth Capital S.A. SICAV-RAIF, a reserved alternative investment fund. The fund focuses on growth and expansion capital investments in Italian SMEs, deploying €20m-€60m per investment in companies with €40m-€200m revenues. The investment strategy encompasses five core verticals (Industrial Manufacturing & Business Services, Made in Italy, Environmental & Sustainability, Tech Growth & Digital Transformation, and Healthcare), implemented through a proprietary responsible investment approach that integrates ESG factors across all investment phases from sourcing to exit.

Differentiator

Problem solved

Functional benefit

Products and services

• Aurora Growth Capital Fund (SICAV-RAIF) A Luxembourg SICAV-RAIF private equity fund providing growth and expansion capital investments of €20m-€60m per transaction. Acquires majority and active minority stakes in Italian SMEs with €40m-€200m in revenues, deploying across five investment verticals with a hands-on industrial approach, Buy and Build strategy, and ESG best practices integration. The fund is PIR-compliant under Italian law and managed by Renaissance AIFM S.à r.l. (CSSF-regulated).

Quantifiable outcome

• Portfolio companies generate €3.0bn aggregate total revenues
• +4 more outcomes

Named customers30 records

Segments6 records

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.

• UN-supported Principles for Responsible Investment (PRI)coreOthersIndependent PRI signatory since 2025 (previously under Neuberger Berman since 2015). Voluntary reported on all mandatory PRI modules in 2025 reporting window with above-median scores.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Charme Capital Partners: Italian mid-market private equity firm investing in growth and succession transactions with Italian SMEs, directly comparable to Aurora's strategy across similar ticket sizes and verticals.
• Quadrivio Capital: Italian alternative asset manager operating private equity and private debt strategies, including mid-market growth and Made-in-Italy-focused funds directly comparable to Aurora's verticals.
• Wise SGR: Italian asset management company running private equity funds focused on mid-market growth capital and generational transitions in Italian SMEs, closely matching Aurora's mandate.
• Alcedo SGR: Italian private equity manager specializing in growth and buy-and-build transactions in Italian SMEs, with overlapping verticals and ticket size range.
• IGI Private Equity: Listed Italian private equity firm focused on mid-market growth capital investments in Italian SMEs, directly comparable in target profile and check size.
• Riello Investimenti: Italian family-controlled investment company active in mid-market private equity with focus on industrial and consumer SMEs, comparable to Aurora's Italian mid-market strategy.

Broad incumbents

• Investindustrial: Pan-European mid-market private equity group with deep Italian presence investing across industrial, consumer, and healthcare; overlaps with Aurora's verticals at larger ticket sizes.
• Eurazeo: Large European-listed private investment group with significant mid-market PE activity; comparable in growth-buyout approach though with broader geographic and sector footprint.
• NB Renaissance Partners: Neuberger Berman's European private equity arm and Aurora's former sister strategy; comparable in European mid-market PE focus though at a larger AUM scale.

Regional players

• Argos Wityu: Pan-European mid-market private equity firm with similar buy-and-build playbook; comparable in strategy though primarily operates across continental Europe rather than Italy-only.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments4 records

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

Frequently asked questions about NB Aurora