Anima Alternative
Anima Alternative is a Milan-based Italian private market asset management firm that operates three closed-end alternative investment funds providing direct lending, mezzanine, and hybrid capital solutions to Italian SMEs and mid-caps, serving institutional LPs and portfolio companies across Italy and the broader Eurozone.
- Company typePrivate
- Founded2020
- HeadquartersMilan, Italy
- Headcount—
- GTM typeB2B
- OfferingServices
What Anima Alternative does
Anima Alternative Sgr S.p.A. is an Italian asset management company (società di gestione del risparmio) founded in February 2020 and headquartered in Milan, wholly owned by ANIMA Holding S.p.A., which in turn became part of Banco BPM Group in April 2025. The firm specializes in private market investments, operating three closed-end alternative investment funds (FIA) under Italian law: Anima Alternative 1 (hybrid debt/equity, launched January 2021, €157M raised), Anima Alternative 2 (senior direct lending, launched April 2023, €196M raised), and Anima Alternative Growth (hybrid capital, launched May 2025, €100M first closing toward a €150-200M target). Ticket sizes range from €7-20 million, and the firm invests in senior debt, unitranche, mezzanine, PIYC financing, preferred equity, and minority equity positions in Italian SMEs and mid-caps, with residual Eurozone exposure. As of mid-2025, Fund 1 has invested in 13 companies with 6 exits (11%+ realized IRR, 0.6x DPI), while Fund 2 has executed 19 investments (10% realized IRR, 64% deployed) and Fund Growth has begun deployment.
The firm serves two parallel client bases: portfolio companies (Italian SMEs and mid-caps seeking flexible financing for growth, acquisitions, succession, and capital strengthening beyond traditional bank lending) and institutional LPs (pension funds, insurance companies, banks, and professional investors seeking private credit exposure with ESG integration). Revenue is generated through management fees on assets under management plus performance-related fees tied to realized IRR and DPI, with the firm holding SFDR Article 8 classification and UNPRI signatory status. Marketing is conducted through direct institutional sales, industry events, and press communications, and the firm is regulated by Banca d'Italia and Consob.
Anima Alternative's investment process integrates ESG due diligence, credit rating assessment, and fundamental analysis, often co-investing alongside Italian and European private equity sponsors (Clessidra, KYIP Capital, Oquendo Capital, Argos Wityu, Apheon). The 13-15 person investment team is led by CEO Giampiero Schiavo and Head of Investments Philippe Minard, with deep prior experience at Mediobanca, CAPZA, Emisys Capital, McKinsey, and GE Capital. The broader ANIMA Group provides distribution scale, with over €200 billion in AUM, 500+ professionals, and 1 million+ clients across Italy.
Anima Alternative firmographics
Firmographics- Name
- Anima Alternative
- Legal name
- Anima Alternative Sgr S.p.A.
- Website
- https://animaalternative.it
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Short description
- Anima Alternative is a Milan-based Italian private market asset management firm that operates three closed-end alternative investment funds providing direct lending, mezzanine, and hybrid capital solutions to Italian SMEs and mid-caps, serving institutional LPs and portfolio companies across Italy and the broader Eurozone.
- Ownership category
- akta.pro rank
Anima Alternative industry classification
Industry- Product category
- Alternative Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Finance Services (6199)
- akta.pro primary industry
- Private Credit / Direct Lending (FSAAAHAG)
- akta.pro secondary industries
- Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF), Private Credit & Direct Lending Fundraising Placement (FSAEALAE)
Keywords
Where Anima Alternative is headquartered
LocationHeadquarters
- HQ city
- Milan
- HQ country
- Italy
- HQ region
- Europe
Offices1 record
Markets served
Anima Alternative business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Asset Management Fees: Anima Alternative generates revenue through management fees charged on assets under management across its three alternative investment funds. The funds target professional institutional investors including pension funds, insurance companies, and banks.
- Performance/Incentive Fees: The funds generate performance-related income based on returns achieved for investors, including realized IRR and DPI metrics from successful exits and investments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Anima Alternative 1 - Hybrid debt/equity fund targeting Italian SMEs and mid-caps with ticket sizes of €7-20 million |
| Other | Multi-year contract | Anima Alternative 2 - Senior debt direct lending fund targeting €196 million with diversified portfolio approach |
| Other | Multi-year contract | Anima Alternative Growth - Hybrid capital fund targeting €150-200 million with €100 million first closing |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Anima Alternative product offering
Product offeringCore offering
Anima Alternative Sgr S.p.A. is an Italian asset management company within ANIMA Group that structures and manages closed-end alternative investment funds (FIA) under Italian law. The firm invests in private market opportunities through direct lending, mezzanine debt, unitranche financing, and minority equity positions in Italian SMEs and mid-caps. It also provides co-investment alongside private equity sponsors, with all funds reserved exclusively for professional institutional investors.
Product overview
Anima Alternative is an asset management company (SGR) within the ANIMA Group, focused on private market investments. The company operates three alternative investment funds: Anima Alternative 1 (hybrid debt/equity private capital, launched January 2021), Anima Alternative 2 (senior private debt, launched April 2023), and Anima Alternative Growth (hybrid debt/equity private capital, launched May 2024). All three funds target Italian SMEs and mid-caps with investment strategies centered on direct lending and flexible financing solutions. The company also provides co-investment opportunities alongside private equity sponsors.
Differentiator
Problem solved
Functional benefit
Brands
- Anima Alternative 1: First fund launched January 2021 with hybrid debt/equity private capital strategy, targeting Italian SMEs and mid-caps with investments between 7-20 million euros.
- Anima Alternative 2
- Anima Alternative Growth
Products and services
- Anima Alternative 1 First closed-end alternative investment fund (FIA) of Anima Alternative, launched January 2021, investing primarily in debt instruments (senior debt, unitranche/2nd lien, mezzanine debt) and approximately 20% in minority shareholdings. Targets Italian SMEs and mid-caps with turnover up to €500 million, investing €7-20 million per company. Reserved for professional investors.
- Anima Alternative 2 Second closed-end alternative investment fund of Anima Alternative, launched in 2023, focused on senior debt direct lending with a diversified portfolio approach. Targets Italian and European SMEs and mid-caps. Supported by the InvestEU program. Reserved for professional investors.
- Anima Alternative Growth Third closed-end alternative investment fund of Anima Alternative, implementing a hybrid growth capital strategy combining debt and minority equity investments. Invests in hybrid capital instruments such as mezzanine debt, PIYC financing, and preferred equity, alongside minority equity. Classified under SFDR Article 8 for ESG commitment. Reserved for professional investors.
Quantifiable outcome
- Realized IRR over 11% for Anima Alternative 1
- +4 more outcomes
Companies that use Anima Alternative
Customer profileNamed customers24 records
Segments4 records
Ideal customer profiles2 records
Anima Alternative technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Anima Alternative partnerships and signals
Strategic signalScale indicators12 records
Recent moves9 records
Expansion highlights6 records
Anima Alternative competitors and assessment
Company assessmentBroad incumbents
- Argos Wityu: European mid-market private equity firm with credit/co-invest capabilities; co-invested with Anima Alternative on Bracchi via Argos Climate Action Fund, demonstrating overlap on Italian mid-market opportunities and shared sponsor counterparty network.
- Pemberton Asset Management: Pan-European direct lending platform managing €30B+ AUM, providing senior, unitranche and junior capital to mid-market companies including in Italy; larger, broader offering that competes with Anima Alternative for institutional mandates and larger sponsor-led deals.
- Hayfin Capital Management: London-headquartered alternative credit manager with European direct lending activities targeting mid-market companies; broader mandate across private credit, special situations and asset-based finance, competing for institutional capital allocated to European SME lending strategies.
- Muzinich & Co: Global private credit manager with established European SME/mid-market direct lending capability; competes for institutional LP allocations seeking Italian/European private credit exposure but at materially larger AUM scale.
- Eurazeo (Private Debt): Pan-European asset manager with a dedicated Private Debt strategy serving mid-market companies across Europe; competing institutional LP base with comparable mid-market direct lending focus, though at significantly broader geographic and AUM scale.
Regional players
- Banca Ifis: Italian listed bank with a sizable specialized finance and direct lending franchise (including former GE Capital Italy NPL book); competes for Italian SME credit business via balance-sheet lending, providing a regional benchmark for mid-market direct lending in Italy.
Direct peers
- Antares Capital (Italy): Italian private debt fund manager (part of Azimut) providing direct lending and structured financing to Italian SMEs; competes head-to-head with Anima Alternative for the same Italian mid-market opportunities and institutional investor relationships.
- Clessidra Capital Credit SGR: Italian credit-focused asset manager that has co-invested with Anima Alternative (Bracchi) and operates in adjacent private debt strategies for Italian SMEs; similar fund structure, regulatory regime and institutional LP base.
- Oquendo Capital: Spanish direct lending specialist targeting Iberian SMEs and mid-caps with unitranche and mezzanine structures; co-invested alongside Anima Alternative on Lumson, demonstrating close comparability in deal size, ticket range and European SME-focused strategy.
- Ver Capital SGR: Italian private debt and direct lending asset manager focused on SMEs and mid-caps; operates a comparable FIA structure investing in senior, mezzanine and unitranche tranches of Italian mid-market companies, directly competing for both portfolio opportunities and institutional LP capital.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Anima Alternative social profiles
Digital presenceAnima Alternative financial estimates
Financial estimateRevenue estimate
Valuation estimate
Anima Alternative leadership team
Management profileNumber of profiles
Profiles14 records
Anima Alternative funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Anima Alternative M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Anima Alternative
What does Anima Alternative do?
Anima Alternative Sgr S.p.A. is an Italian asset management company within ANIMA Group that structures and manages closed-end alternative investment funds (FIA) under Italian law. The firm invests in private market opportunities through direct lending, mezzanine debt, unitranche financing, and minority equity positions in Italian SMEs and mid-caps. It also provides co-investment alongside private equity sponsors, with all funds reserved exclusively for professional institutional investors.
Is Anima Alternative a public or private company?
Anima Alternative is a private company. It is classified as corporate owned and is currently operating.
When was Anima Alternative founded?
Anima Alternative was founded in 2020.
Where is Anima Alternative based?
Anima Alternative is headquartered in Milan, Italy, in the Europe region.
How does Anima Alternative make money?
Two revenue lines are on record. Asset Management Fees are the primary driver. The others are performance/Incentive Fees.
Who are Anima Alternative's main competitors?
Broad incumbents on record are Argos Wityu, Pemberton Asset Management, Hayfin Capital Management, Muzinich & Co and Eurazeo (Private Debt). Banca Ifis is listed as a regional player. Direct peers are Antares Capital (Italy), Clessidra Capital Credit SGR, Oquendo Capital and Ver Capital SGR.
Does Anima Alternative have an API?
No public API is recorded for Anima Alternative.
What industry is Anima Alternative in?
Anima Alternative's product category is Alternative Asset Management. Its primary akta.pro industry code is FSAAAHAG, Private Credit / Direct Lending, with a secondary code of FSANADAJ, Large-Cap / Sponsor Finance Direct Lending. Its NAICS code is 523940 and its SIC code is 6282.