What Sefea Impact does

Sefea Impact SGR SpA is an Italian asset management company (Società di Gestione del Risparmio) headquartered in Padua that operates exclusively in impact investing. It manages two closed-end EuVECA funds reserved for professional investors: Fondo Sì – Social Impact (vintage 2018, 10-year duration, focused on Italian SMEs and cooperatives with emphasis on Southern Italy, with €26.2M committed across 33 portfolio companies) and Fondo Cooperazione e Terzo Settore (CoopTS, launched 2024, with at least 80% of capital directed to cooperatives and social enterprises). Both funds are SFDR Article 9 compliant, registered with the EuVECA Managers Register (registration n.7), and managed under UN PRI signatory principles held since 2022.

The firm is differentiated by a multistakeholder governance structure unique in Italy — majority non-profit shareholders (foundations, associations, social enterprises) with a diversification criterion preventing any single entity from holding majority capital — and by a proprietary Impact Measurement and Management (IMM) software co-developed with the Tiresia research center at Politecnico di Milano, used for ESG scoring and portfolio monitoring across 26 social/environmental performance indicators, 49 PAI indicators and 92 sustainability indicators. It is also a member of the EU-funded ADALTIM consortium building AI-supported impact rating infrastructure for the social economy.

Sefea generates revenue through management fees on its closed-end EuVECA funds and via returns from equity and quasi-equity instruments (convertible bonds, participating loans, subordinated instruments) in portfolio companies. Distribution is exclusively direct-to-institutional, with no public pricing; LPs are accessed via dedicated channels ([email protected], [email protected]). The firm operates with a small, multidisciplinary team of approximately 8-10 people, has earned ESG Nummus AAA certification and the ESG Identity Awards 2025 first prize in the private market category, and is led by President and CEO Massimo Giusti, who also chairs the Forum per la Finanza Sostenibile.

Name

Sefea Impact

Legal name

SEFEA IMPACT SGR SpA

Website

https://sefeaimpact.it

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Sefea Impact SGR is an Italian impact-investing asset manager that runs two closed-end EuVECA funds — Fondo Sì Social Impact and Fondo Cooperazione e Terzo Settore — investing equity and quasi-equity in Italian social enterprises, cooperatives, and third-sector SMEs on behalf of professional and EuVECA-eligible investors.

Ownership category

akta.pro rank

Product category

Impact Investing Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact / ESG Venture Capital (FSANAAAG)

akta.pro secondary industries

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL), ESG/Sustainable Investment Advisory (FSAEAAAJ), Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

Keywords

• Impact investing
• Asset management
• Venture capital funds
• Sustainable finance
• Social enterprises

Headquarters

HQ city

Padua

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. Fund Management Fees: Sefea Impact operates as an SGR (Società di Gestione del Risparmio) managing closed-end investment funds. Revenue is generated through management fees on the funds under management (Fondo Sì Social Impact and Fondo Cooperazione e Terzo Settore), which are reserved for professional investors and EuVECA investors. The company is registered in the EuVECA Managers Register (n.7).
2. Impact Investing Investment Returns: As an impact investing fund manager, the company generates returns through equity investments and quasi-equity instruments (convertible bonds, participating loans, subordinated instruments) in social enterprises, cooperatives, and third sector companies.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

SEFEA Impact SGR SpA is an Italian asset management company that manages two closed-end EuVECA investment funds (Fondo Sì – Social Impact and Fondo Cooperazione e Terzo Settore) dedicated exclusively to impact investing in Italian social enterprises, cooperatives, and third sector companies. The firm deploys equity and quasi-equity instruments (convertible bonds, participating loans, subordinated instruments) and provides strategic support, capacity building, and board representation to portfolio companies. It complements fund management with a proprietary Impact Measurement and Management (IMM) software developed with Politecnico di Milano's Tiresia research center for ESG assessment and impact monitoring.

Product overview

Sefea Impact SGR is an impact investing asset management company operating two closed-end EUVECA funds: Fondo Sì – Social Impact (vintage 2018, 10-year fund investing in social enterprises across Italy with focus on Southern Italy) and Fondo Cooperazione e Terzo Settore (launched 2024, targeting cooperatives and social enterprises). The company also developed proprietary Impact Measurement and Management (IMM) software with Politecnico di Milano's Tiresia research center for ESG assessment and portfolio monitoring. Services focus exclusively on impact investing, integrating ESG considerations throughout the investment process with a SFDR Article 9 compliant approach.

Differentiator

Problem solved

Functional benefit

Brands

• Fondo Sì – Social Impact: EuVECA closed-end fund investing in social enterprises, cooperatives, and impact-driven companies with vintage 2018 and 10-year duration, targeting SMEs in Italy with focus on Southern Italy.
• Fondo Cooperazione e Terzo Settore (Fondo CoopTS)

Products and services

• Fondo Sì – Social Impact A closed-end EuVECA investment fund reserved for professional investors that exclusively practices impact investing in Italian SMEs (fewer than 500 employees) in the cooperation and social enterprise sectors, deploying equity, quasi-equity, convertible bonds, participating loans, and subordinated instruments alongside strategic support and capacity building.
• Fondo Cooperazione e Terzo Settore (CoopTS) A closed-end EuVECA investment fund reserved for professional investors that invests 100% of its capital in sustainable initiatives with social and environmental objectives, with at least 80% of investments directed to cooperatives and social enterprises in Italy.

Quantifiable outcome

• €26,204,148.54 invested across 33 portfolio companies
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• Politecnico di Milano - Tiresia Research CentercoreTechnology or Integration · 1 January 2024Developed proprietary Impact Measurement and Management (IMM) software and ESG scoring tool in collaboration with Tiresia research center at Politecnico di Milano. This tool is used for monitoring and traceability of fund performance and for IMM and sustainability processes of portfolio companies.
• Università di BolognacoreStrategic or Co-development PartnerCo-financed a PhD scholarship in 2024 within the interdipartmental course in Public Governance, Management and Policy. The research objective is to investigate which impact investing models generate social/environmental value. Sefea Impact serves as a case study in this research.
• ADALTIM Project ConsortiumcoreStrategic or Co-development PartnerSGR is part of the prestigious ADALTIM consortium developing next-generation services for impact assessment. Funded by the European Union, the initiative aims to digitize impact measurement and management systems in the social economy and create an independent organization providing AI-supported impact ratings based on consortium partners' long-term experience.
• UN PRI (Principles for Responsible Investment)coreOthersSefea Impact has been a signatory to UN PRI since 2022, demonstrating commitment to responsible investment practices. The company submits annual reporting and assessment with excellent results.
• ESCP Business SchoolminorStrategic or Co-development PartnerSefea Impact was the subject of academic research as a case study for a Master's thesis on 'Enterprises and NGOs: Definitions, Funding Approaches and Measurement of Performance' by Jacopo Jesse.
• Università Federico II di NapoliminorStrategic or Co-development PartnerSefea Impact was the subject of a thesis in Corporate Social Responsibility and Impact Investing for the Master's degree in Business Economics, authored by Daniela Axinte.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Amundi (ESG/Impact range): Europe's largest asset manager with a broad range of SFDR Article 8/9 ESG and impact funds. Comparable as a competing distributor of impact/ESG investment products to professional investors in Europe, though at vastly greater scale.
• Triodos Investment Management: European impact investment manager running multiple impact funds across themes (food, climate, inclusive finance). Comparable on 100% impact mandate, SFDR Article 9 positioning, and professional-investor distribution.

Direct peers

• Oltre Venture: Italian impact venture capital fund manager investing in high-impact social enterprises in Italy. Most directly comparable peer: similar mandate (equity/quasi-equity into Italian social enterprises), Italian-only focus, and impact measurement emphasis.
• Banca Etica: Italian ethical and sustainable bank that also manages social/impact investment funds and channels capital to cooperatives and third-sector entities. Comparable on target investee base and impact-oriented capital allocation in Italy.
• Etica Sgr: Italian asset management company specializing in ESG/SRI mutual funds (Sicav Etica). Comparable as an Italian ESG-focused fund manager serving professional and retail investors with sustainability mandates.
• Green Arrow Capital: Italian alternative asset manager with impact/clean-tech and private debt funds investing in Italian SMEs. Comparable on Italian SME focus, closed-end fund structure, and ESG/sustainability orientation.
• Bamboo Capital Partners: Specialist impact fund manager operating closed-end impact funds in emerging and frontier markets. Comparable on exclusive impact mandate, private equity/quasi-equity instruments, and measurable social/environmental outcomes.

Emerging players

• Optima Sgr: Italian asset manager that launched impact/ESG private equity initiatives in Italy. Comparable on closed-end Italian impact/PE funds, though broader in scope than Sefea's exclusively impact mandate.
• Fondazione Sella: Italian foundation deploying venture capital into impact startups through its impact investing vehicle. Comparable on impact investing into Italian SMEs and use of impact measurement frameworks.
• GeneralSIB: Italian impact investing SGR focused on social impact startups, often via equity and quasi-equity instruments. Comparable on Italian-only scope, impact investing thesis, and small specialist fund manager profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sefea-impact-sgr

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments8 records

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

Frequently asked questions about Sefea Impact