What Koinos Capital does

Koinos Capital SGR S.p.A. is an Italian multi-strategy investment firm founded in 2019 and headquartered in Milan (Via Fatebenefratelli, 9) that provides capital, industrial expertise, and digitalization support to Italian SMEs and startup founders. The firm operates three fund vehicles: Koinos Uno, a private equity buyout fund executing buy-and-build aggregation in fragmented Italian manufacturing and services markets; Italian Founders Fund (IFF), an early-stage VC targeting Italian founders across Italy, England, the United States, and Singapore; and a Primaries & Co-Investments strategy deploying capital alongside international funds such as Base10, Balderton, and Y Combinator. The firm is regulated as an Italian AIF Manager (SGR, registered n. 164) with €400,000 fully paid-in share capital.

The firm's core method is industrial aggregation of fragmented sectors — combining smaller Italian players into scaled sector champions through controlling acquisitions, add-on rollups, and reinvestment of founding entrepreneurs into holding structures. Active and exited platforms include Gruppo Tre Zeta (luxury sneaker/leather soles, €40M+ revenue, CAGR ~20% from 2017), Impact Formulators Group (masterbatch, ~€45M revenue at exit), Lapi (computer-aided thermoforming, ~€3M EBITDA, 150+ customers), Futur-A Group (R&D engineering for manufacturing), Meduspace (Continuous Medical Education, ~€35M revenue, targeting €70-80M in 3 years), Ventha Group (installation/maintenance for energy transition, ~€22M revenue, ~€4M EBITDA), Platum (electric urban mobility), Rosa Ermando (grinding machines), and ~14 early-stage tech investments via IFF spanning AI-enabled SaaS in HRTech (JetHR, Skillvue), HealthTech (ReportAId, Salupay, Sava), EdTech (Excellence Learning), MarTech (Cassandra, Glaut), ClimateTech (Aquila, TaDa), and procurement (Compri, Complaion).

Koinos generates revenue through three streams: recurring management fees charged on committed capital under management across Koinos Uno and IFF, carried interest earned on exits above hurdle rates, and capital gains realized through portfolio company sales (the IFG exit to Delta Tecnic in May 2025 being the first completed realization). Go-to-market is relationship-driven: deal sourcing flows from the founders' entrepreneurial network, sector expertise in value-added manufacturing and transformative technologies, and direct outreach to SME owners and startup founders, while fundraising occurs through direct private placement to institutional LPs such as CDP Venture Capital. The firm is a UN PRI signatory with SFDR Articles 6 and 8 product classifications and holds GDPR-compliant data practices.

Name

Koinos Capital

Legal name

Koinos Capital SGR S.p.A.

Website

https://koinoscapital.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Koinos Capital SGR is a Milan-based multi-strategy Italian investment firm operating Koinos Uno (SME buy-out), Italian Founders Fund (early-stage VC), and Primaries & Co-Investments, executing buy-and-build aggregation across fragmented Italian manufacturing, services, and technology sectors.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital Fund Management

NAICS

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

SIC

Investors, Nec (6799)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industries

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

Keywords

• Private equity management
• Venture capital funds
• Buy-and-build strategy
• Early stage investing
• Asset management services

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Generates recurring management fees from operating its investment funds (Koinos Uno and Italian Founders Fund). Management fees are charged on committed capital under management.
2. Carried Interest / Performance Fees: Earns carried interest on successful exits and portfolio returns above hurdle rates, aligning fund manager and investor interests.
3. Capital Gains on Portfolio Exits: Realizes capital gains through the sale of portfolio companies, such as the sale of Impact Formulators Group to Delta Tecnic in May 2025.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Koinos Capital SGR S.p.A. is an independent Italian multi-strategy investment management firm that deploys capital through three fund vehicles: Koinos Uno (private equity buy-out for Italian SMEs with buy-and-build aggregation), Italian Founders Fund (early-stage VC for Italian startup founders globally), and Primaries & Co-Investments. The firm acquires majority stakes, reinvests entrepreneurs into holding structures, and scales portfolio companies through add-on acquisitions in fragmented Italian manufacturing and services markets.

Product overview

Koinos Capital SGR is a multi-strategy independent investment firm offering three distinct fund products: Koinos Uno (private equity for Italian SMEs with buy-and-build strategies), Italian Founders Fund (early-stage VC for ambitious startups), and Primaries & Co-Investments (global fund investments with selected co-investment opportunities). The firm operates a portfolio of 21 companies across diverse sectors including manufacturing (Gruppo Tre Zeta, Lapi, Rosa Ermando), services (Ventha Group for thermo-hydraulic systems, Futur-A Group for R&D engineering, Meduspace for medical education), and technology (multiple AI-powered SaaS companies in HRTech, HealthTech, EdTech, MarTech, ClimateTech, and Analytics). Their investment approach focuses on creating Italian centers of excellence through entrepreneurial buy-and-build strategies, with recent notable exits including Impact Formulators Group sold to Delta Tecnic in 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Italian Founders Fund: VC arm of Koinos Capital focused on Italian-founded startups globally, managing approximately €90 million
• Koinos Uno

Products and services

• Koinos Uno (Buy-out Fund) Private equity buy-out fund focused on Italian SMEs with outstanding products or services, implementing buy-and-build strategies to help companies achieve their full potential through growth, innovation, and sector consolidation. Targets fragmented Italian industrial and services markets, acquires majority stakes, reinvests founding entrepreneurs into holding structures, and scales through add-on acquisitions.
• Italian Founders Fund (Early Stage VC) Early-stage venture capital fund for ambitious Italian-founded startups targeting global and durable impact, investing in Italian founders across Italy, England, United States, and Singapore. Operates across the full early-stage lifecycle with capacity of €90 million, co-investing alongside international funds such as Base10, Balderton, and Y Combinator.
• Primaries and Co-Investments Global fund commitments and selected co-investment opportunities alongside international fund managers such as Base10, Balderton, and Y Combinator. Provides diversified exposure to private equity and venture capital fund vehicles and access to proprietary deal flow.

Quantifiable outcome

• Tre Zeta Group achieved 25% growth in 2021 vs 2019 and 20% CAGR from 2017, with 5 production plants producing over 3 million soles per year.
• +5 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability12 records

Feature1 record

Partnerships

Two partnerships are on record, tiered minor.

• HAT (Co-acquirers of Platum)minorStrategic or Co-development Partner · 4 March 2022Koinos Capital and HAT co-acquired Platum, the Italian leader in electric urban mobility. HAT is a strategic partner in this specific transaction, with Koinos Capital leading the investment.
• UN PRI (Principles for Responsible Investment)minorOthersKoinos Capital is a signatory of the UN Principles for Responsible Investment (PRI), the world's largest initiative for ESG integration in investment. Signatory status requires commitment to incorporating ESG factors into investment processes and reporting on progress.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• BS Private Equity: Italian mid-market PE firm focused on SMEs with industrial consolidation strategies. Similar geographic focus, ticket size, and value-creation thesis to Koinos Uno.
• Charme Capital Partners: Italian mid-market private equity firm focused on buyouts of Italian SMEs with buy-and-build strategies, structurally comparable to Koinos Uno's approach. Operates multiple fund vintages targeting similar fragmented-market aggregation plays.
• Primo Ventures: Italian VC firm with seed and growth funds supporting Italian technology startups. Direct comparator to IFF on stage, sector (tech/SaaS) and Italian founder focus.
• P101: Italian early-stage VC firm investing in Italian founders globally; structurally the closest direct competitor to Italian Founders Fund in segment, geography, and stage.
• Wise Equity: Italian PE firm investing in Italian SMEs through majority buyouts and growth capital, often via buy-and-build. Closely comparable to Koinos Uno's SME aggregation strategy.
• United Ventures: Italian VC firm investing in Italian-founded technology startups, often seed/Series A. Comparable to IFF's early-stage thesis and Italian-founder targeting.

Broad incumbents

• Tamburi Investment Partners: Italian independent investment/merchant bank with multiple PE, growth and club-deal strategies. A larger incumbent operating across strategies that overlap with Koinos's multi-fund platform.
• Ardian: Large global private investment house with significant Italian mid-market buyout activity. Competes with Koinos Uno for fragmented Italian SME buy-and-build targets at larger ticket sizes.

Emerging players

• LVenture Group: Italian listed holding/accelerator focused on early-stage digital startups. Overlapping early-stage Italian tech exposure though with a more accelerator-driven model.

Others

• CDP Venture Capital: Italy's national venture capital fund-of-funds. Functions as both a cornerstone LP in Italian Founders Fund and a competitor in deploying early-stage capital into Italian founders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

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

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors2 records

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

M&A4 records

Investments1 record

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

Frequently asked questions about Koinos Capital