RedFish LongTerm Capital

What RedFish LongTerm Capital does

RedFish LongTerm Capital S.p.A. (RFLTC) is an Italian industrial holding company founded in 2020 and headquartered in Milan that acquires minority and majority equity stakes in family-owned Italian SMEs with EBITDA above €2M, expected margins above 10%, and a track record of growth. The firm's distinguishing model is a long-term, open-ended investment horizon — no pre-determined exit clauses are built into investment contracts — combined with operator-style support for managerialization, M&A, international expansion, and financial optimization. Since IPO on Euronext Growth Milan (ticker RFLTC, ISIN IT0005549354) on 30 June 2023, the group has deployed €152.6M of direct equity over eight years across 11 disclosed portfolio companies spanning railway systems (Movinter, SAIEP, Six Italia), aerospace/UAV (Tesi/Aeronet, Alpi Aviation), manufacturing (Expo Inox, Polieco), 3D/Industry 4.0 (SolidWorld), multi-utilities (Convergenze), healthcare diagnostics (PureLabs), and direct-sales consumer (Stanhome). Portfolio companies collectively generate €450M of revenue, €72M of EBITDA, and employ 1,600+ people; the historical average IRR for the group is 59.23%.

The platform is built around four product vehicles: the core RFLTC industrial holding (qualified minority, majority, and Club Deal structures), I-RFK (an industrial holding focused on innovative SMEs leveraging Italian tax-break legislation), RedFish Listing Partners (equity holding in Italian small-caps below €500M market cap, exploiting pre-IPO mispricing), and RedFish Capital Debt (a €70M Basket Bond program launched with Banca Finanziaria Internazionale S.p.A. in August 2025, of which €28M has been subscribed by RFLTC). Deal origination combines relationship-driven sourcing through Italian advisors and family-office networks with proprietary AI and "NeuralLink Technology" software that performs analytical and systemic scouting on big data to surface investment opportunities and pre-IPO mispricing signals.

The revenue mechanics are multi-layered: capital appreciation from long-term equity holdings, advisory fees paid by investees for fund-raising, IPO support, M&A advisory, and bank-financing assistance, interest income from the Basket Bond program, and warrant/exercise income (three warrant exercise windows have completed since IPO). The group is led by Founder & President Paolo Pescetto (ex-advisor at Evolution Investments; Bocconi-trained) and Founder & CEO Andrea Rossotti (LUISS M&A specialization; prior CFO at Lucitalia Milano and Ghidini Lighting), with co-founder families Bazoli and Gitti providing industrial and reputational backing. Strategic advisors include Alantra (Buy-rated equity research), Intermonte SIM, Integrae SIM, MIT, LCA Studio Legale, Gitti, BDO Italia (auditor), and Creso ESG (sustainability).

Name

RedFish LongTerm Capital

Legal name

RedFish LongTerm Capital S.p.A.

Website

https://redfish.capital

Company type

Public

Founded year

2020

Operating status

Ipo

Headcount range

1–10 employees

Short description

RedFish LongTerm Capital S.p.A. is a Milan-based, publicly listed Italian industrial holding (Euronext Growth Milan: RFLTC) that acquires minority and majority stakes in family-owned SMEs with a long-term, open-ended horizon, deploying proprietary AI scouting across equity, debt, and pre-IPO vehicles.

Ownership category

akta.pro rank

Product category

Private Equity / Industrial Holding

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Management Buyout / Management Buy-In (MBO/MBI) (FSANABAL)

akta.pro secondary industry

Management Buyouts (MBO/MBI) & Sponsor-Led Transactions Advisory (FSAEAGAI)

Keywords

• Private equity holding
• SME equity investment
• Industrial holding company
• Debt capital investment
• Financial advisory services

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. Equity Investment Returns: RFLTC generates returns through long-term equity investments in Italian SMEs. The holding acquires minority or majority stakes in family-owned companies, providing capital and managerial support. Returns are realized through value creation, organic growth, and eventual exit or distribution. The company also collects advisory fees for financial advisory services provided to investees.
2. Basket Bond Program: RedFish Capital Debt initiative supporting Italian enterprises through debt capital investments within the RedFish Basket Bond Program. Maximum program size of 70 million euros, launched with support from Banca Finanziaria Internazionale S.p.A. RFLTC subscribes to bond issuances from portfolio companies.
3. Convertible Bond Investment: RFLTC issued its own convertible bond, raising 2.99 million euros with conversion terms tied to potential IPO scenarios.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

RedFish LongTerm Capital S.p.A. is an industrial holding company that acquires qualified minority, majority, and Club Deal equity stakes in Italian family-owned SMEs with EBITDA greater than €2M and growth potential. The group operates through complementary vehicles — I-RFK for innovative digital SMEs, RedFish Listing Partners for pre-IPO small-cap listed companies, and RedFish Capital Debt / Basket Bond Program (€70M) for debt financing — alongside advisory services in M&A, fund raising, bank financing, and IPO support.

Product overview

RedFish LongTerm Capital operates as a multi-vehicle investment platform offering equity and debt investment products focused on Italian small and medium enterprises. The core product is RedFish LongTerm Capital (RFLTC), an industrial holding that acquires minority or majority stakes in family-owned Italian SMEs through qualified minority, majority, or Club Deal structures. This is complemented by I-RFK targeting innovative SMEs with tax break opportunities, RedFish Listing Partners investing in small-cap listed companies using proprietary AI scouting, and RedFish Capital Debt offering bond financing through the Basket Bond Program (up to €70 million). The group also provides advisory, strategic support, and M&A services to portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• RedFish LongTerm Capital (RFLTC) Equity Investment Program Industrial holding company that acquires minority or majority stakes in Italian family-owned SMEs with a long-term investment horizon, providing capital, managerial expertise, M&A advisory, and strategic support to help portfolio companies grow organically and through acquisitions. Targets companies with EBITDA > €2M, expected margins > 10%, and growing historical performance.
• I-RFK (Innovative RFK) Industrial holding focused on digital and scalable high-growth initiatives in innovative SMEs, leveraging Italian tax break legislation for investors supporting innovative small businesses.
• RedFish Listing Partners Equity holding that invests in Italian small-cap companies (below €500 million market cap) that are listed, in IPO process, or have mandated a Nomad for listing, exploiting pre-IPO mispricing through proprietary AI and NeuralLink bigdata scouting technology.
• RedFish Capital Debt / Basket Bond Program Debt capital initiative supporting Italian enterprises through investments in debt capital within the RedFish Basket Bond Program. Launched with Banca Finanziaria Internazionale S.p.A., with maximum bond issuance of €70 million.
• Financial Advisory Services Advisory services to portfolio companies covering financial aspects including fund raising, bank financing, IPO support, and M&A advisory.

Quantifiable outcome

• 59.23% average IRR on investments
• +3 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• LCA Studio LegalecoreImplementation/ SI/ Consulting PartnerEuronext Growth Legal Advisor and Global Coordinator for listing and regulatory compliance.
• GitticoreImplementation/ SI/ Consulting PartnerIssuer's legal counsel for corporate and securities law matters.
• BDO Italia S.p.A.coreImplementation/ SI/ Consulting PartnerStatutory auditing company for the group, providing independent financial statement audits.
• Creso ESGcoreStrategic or Co-development PartnerFramework agreement for sustainability and ESG strategy support. Creso ESG provides expertise in environmental, social and governance matters for the group.

Scale indicators11 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Investindustrial: Pan-European mid-market PE firm with strong Italian SME deal flow; comparable in target profile (Italian family-owned businesses, EBITDA > €2M-€5M), though Investindustrial typically runs closed-end fund structures rather than permanent capital.
• DeA Capital: Italian-listed alternative asset manager (DeA Capital, EXM) operating PE, private debt and real estate funds across Italian/European SMEs — directly comparable as a listed Italian PE platform with multiple investment vehicles.
• QuattroR: Italian private equity fund focused on restructuring and growth capital for Italian SMEs, often partnering with entrepreneurs on majority or qualified minority deals — directly comparable to RFLTC's investment criteria.
• Wise Equity: Italian PE manager (Wise SGR) focused on mid-market Italian SMEs through buyout and growth capital strategies — comparable target geography, deal size, and thesis.
• Charme Capital Partners: Italian PE firm that invests in mid-market Italian companies with a focus on managerialization and growth — closely comparable operating model to RFLTC's managerialization thesis.
• Mittel: Italian-listed investment holding (Mittel, EXM) that historically acquired and managed minority/majority stakes in Italian SMEs, providing PE-style long-term capital and advisory — comparable to RFLTC's core mandate.
• Armònia SGR: Italian PE firm specializing in majority acquisitions and growth capital for Italian SMEs, often partnering with family-owned entrepreneurs — directly comparable to RFLTC's club deal and majority deal focus.
• Italmobiliare: Listed Italian holding (Italmobiliare, EXM) controlled by the Pesenti family that invests in Italian and European SMEs and holds controlling/long-term positions in operating subsidiaries — structurally and strategically very similar to RFLTC.
• Tamburi Investment Partners: Italian-listed industrial/financial holding company (TIP, Star segment) that acquires minority and majority stakes in mid-market Italian and European companies with a long-term horizon — the closest direct peer to RFLTC's LongTerm Capital vehicle.

Broad incumbents

• Azimut Holding: Italian-listed asset manager (Azimut, EXM) with PE/private market capabilities including direct investments in Italian SMEs — a broader incumbent whose private market arm (e.g., Azimut Libera Impresa) overlaps with RFLTC's investment focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/red-fish-kapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about RedFish LongTerm Capital