BLUE SGR
BLUE SGR is an Italy-based, Bank of Italy-authorized Alternative Asset Manager that structures and manages real estate and credit mutual funds reserved for professional investors, with over €2.2 billion AUM across 20 FIA and 1 SICAF, serving domestic and international institutional clients through direct institutional sales.
- Company typePrivate
- Founded2020
- HeadquartersMilan, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
What BLUE SGR does
BLUE SGR S.p.A. is an Italy-domiciled, Bank of Italy-authorized Alternative Asset Manager specializing in the structuring and management of real estate and credit mutual funds reserved for professional investors. The firm operates as an independent, management-controlled platform that was carved out in July 2020 through a management buyout of Sator Immobiliare SGR S.p.A., itself a 2008 spin-off of the Capitalia Banking Group's real estate team. It manages over €2.2 billion in assets under management across 20 FIA (Italian alternative investment funds) and 1 SICAF, employing 29 professionals led by a senior team drawn from Pirelli Real Estate, Capitalia, Prelios SGR, BNP Paribas REIM Italy SGR, and major Italian law firms.
The firm's product platform spans core, value-add and thematic real estate strategies across logistics (Urban Mile Fund, LOFI), healthcare/residential care (Acheso Lagune), hospitality (Flaminia Hotel Fund), mixed-use urban assets (Lagune Pasithea in Venice), residential (Andora Mare Fund), and infrastructure (APW Infra SICAF), alongside credit fund capability. Distribution is direct and institutional: funds are reserved for professional investors and the firm acts as a strategic partner to domestic and international institutional capital, with documented co-investment or underwriting relationships with Hines, Allianz Real Estate, Cofinimmo, Monceau Vesta, Batipart Immo Europe, DAA Capital Partners, and Stoneweg. Revenue is generated through recurring management fees on AUM, with no proprietary technology platform disclosed in the source material.
The business is headquartered in Milan (Vicolo Santa Maria alla Porta) with a Rome operational office, operates exclusively across 15 Italian regions, and is regulated under EU SFDR (2019/2088) with GRESB subscriptions on the Flaminia and Cives funds. Shareholders include the Puri Negri family holding (Fratelli Puri Negri Sapa), Recchi Ingegneria e Partecipazioni, BGENERA, Cassa Nazionale del Notariato, Stoneweg S.A., the Haggiag family vehicle Goldcost LTD, and CEO Paolo Rella — a structure that aligns management and patient industrial capital without VC/PE sponsorship.
BLUE SGR firmographics
Firmographics- Name
- BLUE SGR
- Legal name
- BLUE SGR S.p.A.
- Website
- https://bluesgr.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- BLUE SGR is an Italy-based, Bank of Italy-authorized Alternative Asset Manager that structures and manages real estate and credit mutual funds reserved for professional investors, with over €2.2 billion AUM across 20 FIA and 1 SICAF, serving domestic and international institutional clients through direct institutional sales.
- Ownership category
- akta.pro rank
BLUE SGR industry classification
Industry- Product category
- Alternative Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Investors, Nec (6799)
- akta.pro primary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
- akta.pro secondary industry
- Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)
Keywords
Where BLUE SGR is headquartered
LocationHeadquarters
- HQ city
- Milan
- HQ country
- Italy
- HQ region
- Europe
Offices2 records
Markets served
BLUE SGR business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Asset Management Fees: BLUE SGR generates revenue through management fees charged on the assets under management across its 20 FIA funds and 1 SICAF. The company structures and manages alternative investment funds targeting specific returns for professional investors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
BLUE SGR product offering
Product offeringCore offering
BLUE SGR S.p.A. is an independent Alternative Asset Manager, authorized by the Bank of Italy, that structures and manages real estate and credit mutual funds (20 FIA and 1 SICAF) reserved for professional investors. The company develops investment products with target returns aligned with the needs of domestic and international institutional investors, managing more than €2.2 billion in assets under management across Italian real estate strategies.
Differentiator
Problem solved
Functional benefit
Products and services
- Logistic Opportunities Fund Italy (LOFI) Real estate alternative investment fund (FIA) focused on logistics assets in Italy, reserved for professional investors and underwritten by DAA Capital Partners.
- Urban Mile Fund Italian logistics real estate alternative investment fund underwritten by Hines and Allianz Real Estate, focused on a 110,000 sqm logistics asset in Via Rubattino, Milan, reserved for professional investors.
- iAM Capital Italia 1 Fund Real estate alternative investment fund managed by BLUE SGR with an investment target of €100 million over 24 months, focused on Milan and Rome, acquired from COIMA SGR.
- Acheso Lagune Fund Italian healthcare/social real estate alternative investment fund that acquired two RSA residential care homes with 210 total beds managed by the Colisee Group, with Cofinimmo and Monceau Vesta as co-investors.
- Lagune Pasithea Fund Italian real estate alternative investment fund that in 2022 deployed over €70 million into Isola Nuova del Tronchetto, Venice, with participation from Batipart Immo Europe; BLUE SGR took over the management mandate in December 2020.
- Alma LMB Italia Fund Closed-end Italian real estate alternative investment fund reserved for professional investors, launched by BLUE SGR in September 2020.
- APW Infra SICAF S.p.A. SICAF (Società di Investimento per Capitali Fissi) closed-end investment company managed by BLUE SGR for infrastructure-related investments.
- Flaminia Hotel Fund Italian hospitality-focused real estate alternative investment fund launched by BLUE SGR on 1 April 2025.
- Andora Mare Fund
Companies that use BLUE SGR
Customer profileSegments1 record
Ideal customer profiles1 record
BLUE SGR technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
BLUE SGR partnerships and signals
Strategic signalScale indicators3 records
Recent moves7 records
Expansion highlights5 records
BLUE SGR competitors and assessment
Company assessmentDirect peers
- Prelios SGR: Major Italian real estate asset manager (originally Pirelli RE). Directly competes with BLUE SGR in structuring and managing Italian real estate AIFs for institutional investors; also connected via CFO Massimo Vedani's prior role.
- DeA Capital Real Estate SGR: Italian real estate asset manager running core, value-added and alternative real estate funds for institutional investors. Directly comparable in fund structure, investor base and Italian market focus.
- InvestiRE SGR: Italian real estate asset manager with a portfolio of closed-end real estate funds targeting institutional investors. Closely comparable in fund mandate, structure and Italian AIF focus.
- Kryalos SGR: Italian independent real estate asset manager running multi-strategy and thematic real estate funds. Direct competitor for institutional Italian real estate mandates and bespoke separate accounts.
- COIMA SGR: Italian real estate asset manager specializing in urban regeneration, core/core+ and impact real estate funds in Italy. Directly comparable to BLUE SGR as a domestic SGR running multiple reserved real estate AIFs for institutional clients.
- BNP Paribas REIM Italy SGR: Italian arm of BNP Paribas Real Estate Investment Management, managing real estate AIFs for institutional clients in Italy. Direct peer in product mix and investor base; former BLUE SGR CFO was previously COO/CFO here.
- Castello SGR: Italian real estate asset manager operating across core, value-add and thematic strategies for institutional investors. Directly comparable in fund vehicle structure and target client base.
Others
- AMCO: Italian asset management company focused on distressed credits, non-performing loans and special situations. Adjacent comparable to BLUE SGR's credit fund activities and Italian institutional client base, though focused on credit rather than real estate.
Broad incumbents
- Hines: Global real estate investment and asset manager; co-underwrote the Urban Mile Fund with BLUE SGR and Allianz. Comparable as a real estate fund manager with a logistics/Italian mandate, but operating globally at vastly larger scale.
- KEPLER (formerly Patrizia): Large European real estate investment manager with broad product set across geographies and strategies. Comparable as an established pan-European real estate asset manager competing for institutional capital, but at substantially greater scale than BLUE SGR.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
BLUE SGR financial estimates
Financial estimateRevenue estimate
Valuation estimate
BLUE SGR leadership team
Management profileNumber of profiles
Profiles5 records
BLUE SGR subsidiaries and ownership
Company hierarchySubsidiaries3 records
BLUE SGR funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BLUE SGR M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BLUE SGR
What does BLUE SGR do?
BLUE SGR S.p.A. is an independent Alternative Asset Manager, authorized by the Bank of Italy, that structures and manages real estate and credit mutual funds (20 FIA and 1 SICAF) reserved for professional investors. The company develops investment products with target returns aligned with the needs of domestic and international institutional investors, managing more than €2.2 billion in assets under management across Italian real estate strategies.
Is BLUE SGR a public or private company?
BLUE SGR is a private company. It is classified as management employee owned and is currently operating.
When was BLUE SGR founded?
BLUE SGR was founded in 2020. It employs 11 to 50 people.
Where is BLUE SGR based?
BLUE SGR is headquartered in Milan, Italy, in the Europe region.
How does BLUE SGR make money?
One revenue line is on record: asset Management Fees.
Who are BLUE SGR's main competitors?
Direct peers on record are Prelios SGR, DeA Capital Real Estate SGR, InvestiRE SGR, Kryalos SGR, COIMA SGR, BNP Paribas REIM Italy SGR and Castello SGR. AMCO is listed as an others. Broad incumbents are Hines and KEPLER (formerly Patrizia).
Does BLUE SGR have an API?
No public API is recorded for BLUE SGR.
What industry is BLUE SGR in?
BLUE SGR's product category is Alternative Asset Management. Its primary akta.pro industry code is FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing, with a secondary code of FSANADAJ, Large-Cap / Sponsor Finance Direct Lending. Its NAICS code is 523940 and its SIC code is 6211.