Annthillia Capital Partners

What Annthillia Capital Partners does

Anthilia Capital Partners SGR S.p.A. is an independent Italian asset management company headquartered in Milan, founded in 2007 and operating through four business lines: Liquid Markets (active management funds such as Anthilia White multi-asset and Anthilia Yellow bond total return), Private Capital (closed-end funds investing in Italian SMEs including the BIT series, the Anthilia GAP hybrid fund, Anthilia MUST PIR-compliant fund, and Anthilia ELTIF Synthesis — the first ELTIF focused exclusively on Italian private debt), Managed Accounts for private clients, and Financial Consulting. The firm is registered with the Italian SGR registry in sections OICVM (No. 41), FIA (No. 117) and ELTIF (No. 10), and is a signatory to the UN-supported Principles for Responsible Investment. Its underlying technology is non-proprietary; operations rely on standard asset management infrastructure and on proprietary SME evaluation databases accumulated through 12+ years of private debt origination.

The firm serves three primary customer segments: (i) Italian SMEs seeking non-bank financing through minibonds, hybrid instruments and direct lending; (ii) institutional investors including banks, insurance companies and foundations seeking alternative investment exposure; and (iii) private clients and high-net-worth individuals seeking absolute-return strategies and PIR tax-advantaged products. Anthilia distributes through dedicated financial advisors, banking partners (Banco di Desio e della Brianza, Banca Valsabbina, Cassa Lombarda, Cassa Ragionieri) and institutional mandates. Revenue is generated primarily through management fees on approximately €1.4 billion of originated investments and €900 million of private capital AUM, with the firm ranked #1 in Italy and Southern Europe in Reorg's European Direct Lender Rankings 2023 (15.66% market share) and recognized across multiple AIFI and Deloitte Private Debt Awards in 2024 and 2025.

Name

Annthillia Capital Partners

Legal name

Anthilia Capital Partners SGR S.p.A.

Website

https://anthilia.it

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Anthilia Capital Partners SGR is an independent Italian asset manager providing private debt, hybrid, PIR and absolute-return funds to Italian SMEs, institutional investors and high-net-worth individuals, distributing through banking partners and managing approximately €1.4 billion in originated SME investments.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Mortgage and Nonmortgage Loan Brokers (52231), Other Investment Pools and Funds (5259)

SIC

Miscellaneous Business Credit Institution (6159), Investment Advice (6282), Loan Brokers (6163)

akta.pro primary industry

Direct Lending — Venture Debt (FSAHAJAD)

akta.pro secondary industries

Venture Debt Providers (FSANAAAL), Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

Keywords

• Asset management services
• Private debt funds
• Portfolio management
• SME financing
• Absolute return funds

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Management fees generated from overseeing investment funds including private debt funds (BIT series, GAP, MUST), absolute return funds (White, Yellow), and managed accounts for private clients and institutions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Anthilia Capital Partners SGR is an independent Italian asset management company that manages investment funds, absolute return mandates, and managed accounts for private clients and institutions. Its core offerings include closed-end private debt funds (BIT series) supporting Italian SMEs, a hybrid fund (Anthilia GAP), an alternative PIR fund (Anthilia MUST), an ELTIF 2.0 private debt fund (Anthilia ELTIF Synthesis), multi-asset and bond total return funds (Anthilia White, Yellow), an Italian small cap equity fund, discretionary managed accounts, and financial consulting services.

Product overview

Anthilia Capital Partners SGR is an independent asset management company serving private clients and institutions. The offering consists of multiple fund families and business lines: (1) Private Capital division comprising Anthilia BIT (Bond Impresa Territorio) closed-end funds for private debt targeting Italian SMEs, Anthilia GAP hybrid fund, Anthilia MUST alternative PIR fund, and Anthilia ELTIF Synthesis as the first ELTIF focused exclusively on Italian private debt; (2) Liquid Markets including Anthilia White multi-asset fund with controlled volatility and Anthilia Yellow bond total return fund; (3) Anthilia Small Cap Italia equity fund; (4) Managed Accounts for customized absolute return portfolios; and (5) Financial Consulting for market and macro analysis. The company manages nearly 2 billion euros invested in Italian SMEs with approximately 1.4 billion euros in total originated disbursements.

Differentiator

Problem solved

Functional benefit

Brands

• Anthilia BIT: Bond Impresa Territorio funds - closed-end funds supporting Italian SMEs with non-bank financing, including BIT I, BIT II, BIT III, BIT IV, and BIT V.
• Anthilia GAP
• Anthilia MUST
• Anthilia ELTIF Synthesis
• Anthilia White
• Anthilia Yellow
• Anthilia Small Cap Italia
• Lampi di Colore

Products and services

• Anthilia BIT (Bond Impresa Territorio) Family of closed-end private debt funds launched in 2013 dedicated to supporting production excellence of made in Italy through private debt investments in Italian SMEs. Includes BIT III, BIT IV, and BIT V generations, with commitments of €225 million for BIT IV and a new fund launched in 2026.
• Anthilia GAP (Hybrid) Hybrid fund dedicated to supporting the relaunch of Italian SMEs with mid and lower-mid market focus. Launched October 2022 with target collection of €250 million.
• Anthilia MUST Alternative PIR (Piani Individuali di Risparmio) MultiStrategy and MultiCountry fund for investing in high-potential Italian SMEs and diversifying across global markets.
• Anthilia ELTIF Synthesis ELTIF 2.0 fund focused on private debt in Italy, investing in unlisted bonds issued by Italian companies. First ELTIF focused exclusively on Italian private debt, integrating sustainability principles through systemic ESG rating for each issuance.
• Anthilia White

Quantifiable outcome

• First place in Southern Europe in European Direct Lender Rankings 2023 with 15.66% market share
• +2 more outcomes

Named customers9 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

Partnerships

Two partnerships are on record, tiered minor and core.

• Reorg (data provider)minorOthers · 24 January 2024Independent data provider whose European Direct Lender Rankings placed Anthilia #1 in Southern Europe and Italy.
• UN-supported Principles for Responsible Investment (PRI)coreOthersAnthilia joined the UN-supported PRI, demonstrating commitment to responsible investment principles and ESG integration.

Scale indicators8 records

Expansion highlights6 records

Direct peers

• Ver Capital: Italian private debt and credit fund manager focused on mid-market SMEs. Co-financed with Anthilia on the SPIG & GMAB acquisition deal, indicating directly comparable SME private debt strategy, ticket size, and Italian geographic focus.
• Green Arrow Capital: Italian alternative asset manager with private debt and private capital strategies. Co-financed alongside Anthilia on the SPIG & GMAB acquisition, demonstrating overlapping Italian SME direct lending activity and comparable fund structures.
• Oquendo Capital: Spanish direct lending and private debt manager specifically named in the Reorg 2023 European Direct Lender Rankings alongside Anthilia. Same Southern European focus, similar mid-market SME lending strategy, and overlapping competitive set.
• Tikehau Capital: Paris-based alternative asset manager with a significant European direct lending franchise. Named in Reorg rankings as a direct competitor to Anthilia in Italian and Southern European SME direct lending.
• Pemberton: European direct lending specialist managing dedicated mid-market and large-cap direct lending strategies. Named alongside Anthilia in the Reorg 2023 rankings and represents a comparable European mid-market private debt competitor.
• Riello Investimenti SGR: Italian asset manager with private debt and special situations strategies. Co-invested with Anthilia on the Clabo bond, indicating directly comparable Italian SME minibond/private debt activity and ticket sizes.
• Muzinich & Co: Specialist European private credit manager with mid-market direct lending strategies comparable to Anthilia's BIT fund family. Targets similar SME borrowers and offers overlapping product structures in the European credit market.

Broad incumbents

• Ares Management: Global alternative asset manager with a substantial European direct lending and private credit franchise. Named in Reorg rankings as a competitor in Italian direct lending but operates at vastly greater scale across multiple credit sub-strategies.
• Ardian: Paris-based global private investment house with significant European private debt and direct lending capabilities. Operates broadly across private debt and other alternatives, competing with Anthilia on larger Italian SME transactions.
• Intermediate Capital Group (ICG): Global alternative asset manager with significant European direct lending and private debt capabilities. Competes with Anthilia on Italian mid-market SME transactions as part of a broader European credit franchise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/anthilia-capital-partners-sgr-spa

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

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 Annthillia Capital Partners