Tages Group

What Tages Group does

Tages Group is an independent, Milan-headquartered alternative asset manager founded in 2011 by Sergio Ascolani, focused on institutional capital across four pillars: renewable energy infrastructure (via Tages Capital SGR, operator of Italy's third-largest solar platform at 157 MW and 290 GWh/year output), private debt (Tages Credit Fund, Article 8 SFDR), absolute return (including a 2024-launched Global Rates Macro Strategy), and social impact investing (developed in partnership with the Human Foundation). The group has raised three successive renewables vintages — Tages Helios (€253m, 2019), Tages Helios II (€477m, 2021), and Tages Helios Net Zero (€554m, 2025, Article 9 SFDR) — alongside a Tages Credit Fund of approximately €125 million. Its investor base is concentrated in Italian institutional LPs, including insurance groups (Generali, Intesa Vita, Unipol, Eurovita), pension funds (Cassa Forense, MPS Pension Fund), banking foundations (Fondazione Cariplo, Banca Consulia), and private banks (Banca Patrimoni Sella & C.).

The business model is conventional alternative asset management: Tages earns 1.0–2.0% annual management fees on committed or invested capital across fund vehicles, with carried interest participation (industry-standard ~20% above an 8%+ IRR target) on successful realizations. Distribution is relationship-driven, leveraging a leadership team with ex-CEO pedigree from Edison (Quadrino, Chairman), CNH Industrial, Citi, Schroders, and Bulgari/LVMH (Trapani), under Group CEO Panfilo Tarantelli. Beyond the core asset management activities, the group has historically held adjacent interests including a joint venture with Investcorp (spun off in 2024), a minority stake in Banca CF+ (a challenger bank under CEO Iacopo De Francisco), the Gardant NPL platform (now part of DoValue), and VAM Investments in private equity. The combination of Italian institutional distribution, energy-transition infrastructure focus, and multi-product platform forms the core operating thesis.

Name

Tages Group

Legal name

Tages S.p.A.

Website

https://tagesgroup.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Tages Group is an independent Italian alternative asset manager founded in 2011, operating renewable infrastructure funds (Tages Helios series), private debt (Tages Credit Fund), absolute return, and social impact strategies for institutional LPs including insurers, pension funds, and banking foundations.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

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

SIC

Finance Services (6199)

akta.pro primary industry

Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

akta.pro secondary industries

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Sustainable/ESG Equity (Active) (FSAAAIAM)

Keywords

• Alternative asset management
• Renewable energy funds
• Private debt investing
• Impact investing
• ESG investment management

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Alternative Asset Management Fees: Management fees and performance fees from managing alternative investment funds including hedge fund of funds, UCITS funds, renewable energy infrastructure funds, and private debt funds. Revenue generated through AUM-based fees and carried interest on investment returns.
2. Infrastructure Fund Management: Management of renewable energy infrastructure funds (photovoltaic plants) through Tages Capital SGR, generating fees from fund administration, asset management, and co-investment arrangements.
3. Banking Services (Banca CF+): Banca CF+ (formerly Credito Fondiario) provides fintech banking services to Italian SMEs including factoring, tax credit purchases, structured finance, and secured financing. Tages shareholders hold a minority stake.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Tages Group is an independent international asset manager with a strong ESG focus, managing alternative investment funds across multiple asset classes. Core offerings include renewable energy infrastructure funds (Tages Helios series targeting Italian photovoltaic sector), private debt funds (Tages Credit Fund), absolute return and multi-manager solutions via the Investcorp-Tages joint venture, social impact investing products, and a minority stake in Banca CF+, a fintech bank serving Italian SMEs. Revenue is generated through management fees and performance fees on assets under management.

Product overview

Tages Group is an independent international asset manager with a strong ESG focus, operating across multiple alternative asset classes through distinct business lines and subsidiaries. The offering includes: (1) Renewables and Energy Transition via Tages Capital SGR managing Tages Helios, Tages Helios II, and Tages Helios Net Zero funds; (2) Absolute Return and Multi-Manager Solutions through the Investcorp-Tages 50/50 joint venture managing hedge funds, UCITS, and the Impact Fund; (3) Private Debt via Tages Credit Fund; (4) Social Impact Investing through Art. 9 SFDR products; and (5) Minority stakes in Banca CF+ (fintech bank for Italian SMEs) and strategic partnerships with VAM Investments for private equity. The company operates through subsidiaries including Tages Capital SGR (Milan), Investcorp-Tages (London), Gardant, and VAM Investments (Rome).

Differentiator

Problem solved

Functional benefit

Brands

• Banca CF+: Fintech bank dedicated to Italian SMEs, offering factoring services, purchase of tax credits, structured finance operations and secured financing
• Tages Helios
• Tages Helios II
• Tages Helios Net Zero
• Tages Credit Fund
• Investcorp-Tages

Products and services

• Tages Helios First renewable energy infrastructure fund focused exclusively on the Italian photovoltaic sector. Invests in solar power plants to consolidate the fragmented Italian PV market. For institutional investors seeking ESG-aligned real-asset exposure.
• Tages Helios II Second-generation renewable energy infrastructure fund focused on the Italian photovoltaic sector, continuing the consolidation strategy of Tages Helios. For institutional investors.
• Tages Helios Net Zero Article 9 SFDR sustainable investment fund targeting renewable energy and net-zero emissions investments. Designed for institutional investors seeking fully sustainable, SFDR Article 9-compliant exposure.
• Tages Credit Fund Article 8 SFDR private debt fund launched in 2023 by Tages Capital SGR, providing institutional investors with private credit exposure under SFDR Article 8 sustainability classification.
• Investcorp-Tages Absolute Return Funds 50/50 joint venture between Tages and Investcorp dedicated to absolute return fund management including hedge funds and UCITS. Serves institutional investors seeking hedge fund exposure.
• Investcorp-Tages Impact Fund Impact investing multimanager fund launched in 2022 by Investcorp-Tages, investing in European social impact funds with measurable social and environmental outcomes alongside financial returns.
• Global Rates Macro Strategy Macro investment strategy launched in 2024 by Investcorp-Tages, providing institutional investors with global rates and macro exposure.
• Banca CF+ Banking Services Fintech challenger bank (formerly Credito Fondiario) specializing in financing solutions for Italian SMEs including factoring services, tax credit purchases, structured finance operations, and secured financing, partially guaranteed by Mediocredito Centrale. Led by Iacopo De Francisco (CEO) and Panfilo Tarantelli (Chairman). Tages shareholders hold a direct minority stake.
• Social Impact Investing Program Art. 9 SFDR product targeting sustainable investments through a diversified portfolio of European social impact funds, co-investments, and partnerships with Human Foundation for impact measurement methodology. For investors seeking measurable social and environmental outcomes alongside financial returns.

Quantifiable outcome

• Target IRR of at least 8.0% for renewable energy fund investors
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Human FoundationcoreStrategic or Co-development Partner · 1 July 2021Partnership with Human Foundation to develop a suitable methodology for the evaluation and measurement of social impact at individual investment and portfolio level for the Social Impact Investing strategy.
• InvestcorpcoreStrategic or Co-development Partner · 5 May 202050/50 joint venture established in May 2020 merging Investcorp's Absolute Return Investments business and Tages Capital LLP to create Investcorp-Tages Limited. The JV is dedicated to the management of absolute return funds with a team of 18 experienced professionals. In 2024, Investcorp-Tages was spun off from Tages.
• GardantminorOthers · 1 August 2018Gardant was spun off from Credito Fondiario in 2018 as the NPL business was separated into a distinct subsidiary. Now part of DoValue.
• VAM InvestmentscoreStrategic or Co-development Partner · 25 July 2018Tages Group and Francesco Trapani acquired a stake in VAM Investments to launch into private equity sector. This strategic partnership marks Tages' entry into private equity as it continues to grow across alternative asset classes.
• Delos PowercoreStrategic or Co-development Partner · 4 April 2016Operating company established as a partnership between Tages Helios and Renam for managing photovoltaic plants. Tages Helios holds a minority stake in Delos Power.
• RenamcoreStrategic or Co-development Partner · 2 December 2015Partnership with Renam for the management of photovoltaic plants acquired by Tages Helios. Renam is a leading Italian operator in renewable energy plant management with over 200-400 MW under management. Together they established Delos Power as the operating company.
• La Française Asset ManagementminorStrategic or Co-development Partner · 1 January 2014JV agreement established in 2014 for alternative investment collaboration.
• Duemme SGR (Gruppo Banca Esperia)minorChannel Partner/ Reseller/ Distributor · 2 January 2012Duemme SGR transferred its hedge fund of funds business to Tages including two funds (Duemme Hedge Performance and Duemme Hedge Dynamic) with approximately €92 million in AUM. Multi-year distribution agreement on Banca Esperia network.
• UBI Pramerica SGRminorStrategic or Co-development Partner · 15 June 2011UBI Pramerica transferred its alternative fund management business to Tages including three hedge fund of funds (Capitalgest Alternative Conservative, Capitalgest Alternative Dynamic, Capitalgest Alternative Equity Hedge) with approximately €290 million in AUM. UBI Pramerica took a 10% stake in Tages Capital with a multi-year distribution agreement.

Scale indicators8 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Partners Group: Global private markets firm with infrastructure, private debt, private equity and impact strategies. Larger-scale incumbent with similar multi-alternative strategy including renewable infrastructure, ESG integration and private credit.
• EQT: Large Stockholm-listed private equity and infrastructure platform with European renewable infrastructure and private credit strategies. Broader incumbent comparable due to multi-strategy alternatives exposure and European institutional focus.
• Amundi: Europe's largest asset manager with extensive alternatives platform including real assets, private debt and ESG strategies. Broader incumbent with overlapping Italian institutional investor relationships and Article 8/9 SFDR product set.

Direct peers

• Eurazeo: Paris-listed European alternative asset manager operating across private equity, private debt, real assets and infrastructure. Most comparable multi-strategy European platform with renewable infrastructure and ESG integration focus, similar to Tages' cross-asset approach.
• Foresight Group: London-listed infrastructure and environmental asset manager with significant European solar, wind and sustainable infrastructure funds. Direct competitor in European renewable infrastructure mandates and ESG-focused fund offerings.
• Antin Infrastructure Partners: Paris-listed pure-play infrastructure fund manager with material European renewables and energy transition exposure. Direct peer in renewable infrastructure fund management to Tages Capital SGR / Tages Helios franchise.
• Muzinich & Co. Global private credit specialist managing corporate credit, real estate debt and ESG-focused credit strategies. Comparable to Tages' private debt ambitions (Tages Credit Fund), with similar institutional client base.
• Greencoat Capital: London-headquartered specialist renewable infrastructure manager focused on European wind, solar and biomass. Direct competitor in renewable infrastructure capital raising with comparable institutional LP base.
• Bluefield Partners: UK-based specialist solar infrastructure fund manager investing in UK and European PV portfolios. Direct competitor in solar infrastructure consolidation strategies similar to Tages Helios' Italian PV focus.
• Tikehau Capital: Paris-listed European alternative asset manager with private debt, real assets, private equity and capital markets strategies. Closely comparable business mix and ESG/Article 9 product set to Tages, with similar institutional investor base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/investcorp-tages

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Tages Group