Teamsystem Capital At Work Sgr S.p.a.

What Teamsystem Capital At Work Sgr S.p.a. does

TeamSystem Capital at Work Società di Gestione del Risparmio S.p.A. is an Italian alternative asset management company (SGR) authorized by Banca d'Italia on 27 May 2020 (authorization 265/2020) to exercise collective asset management of alternative investment funds. The firm is wholly owned by TeamSystem AM HoldCo S.r.l., itself part of the TeamSystem Group — an Italian software and fintech conglomerate with €695 million of revenue and over €236 million of adjusted EBITDA in FY2022, serving more than 2 million customers. The SGR specializes in credit and direct lending to Italian SMEs, operating closed-ended reserved mutual funds (fondi mobiliari chiusi riservati) capped at €100 million with leverage up to 1.5x, or €500 million unlevered. A 9% minority stake was acquired by Consultinvest S.p.A. in October 2022, and the SGR sits under the direction and coordination of TeamSystem S.p.A., whose ultimate owner is the private equity firm Hellmann & Friedman.

The SGR operates four core funds — Fondo Credito PMI (SME commercial credit via invoice trading), FPAM1 (Public Administration receivables, launched 2023 with BFF Banking Group as anchor), DOMM, and Space Direct Lending Fund — supplemented by invoice trading facilities (pro-soluto assignments with and without debtor notification) and industrial credit for PMI businesses. Its technology backbone is a proprietary FinTech platform built by group affiliate Whit-e S.r.l. (ISO 27001 certified), natively integrated with TeamSystem's electronic invoicing systems and portfolio management systems of reference asset managers. The platform processes over 60% of managed vehicle turnover via invoice trading and uses M2M integration with information providers, rating agencies, and credit insurers. Underwriting relies on a proprietary Transaction Risk Pricing Model validated and back-tested by ECAI specialized in alternative asset management.

Revenue is generated almost exclusively through management fees on AUM in closed-end FIA structures reserved for professional investors. The SGR serves a two-sided market: institutional investors (insurance companies, banking groups, pension funds) seeking Italian real-economy exposure and portfolio diversification, and Italian SMEs and micro-enterprises requiring alternative credit beyond traditional banking. Distribution on the capital side relies on direct institutional sales and banking partnerships (Banco BPM as shareholder and 'Incassa Subito' partner); on the deal side, origination flows through TeamSystem Group's 2 million customer base and ecosystem. Management is led by CEO Dario Fracchiolla (also Investment Manager for DOMM and FPAM1) under Chairman Michele Crisostomo. The firm is GDPR-compliant, publishes SFDR Articles 3 and 4 disclosures, operates an Italian whistleblowing (D.lgs. 24/2023) channel, and uses Deloitte for statutory audit, ObjectWay for administration outsourcing, and Refink powered by Consilia as Single Control Function.

Name

Teamsystem Capital At Work Sgr S.p.a.

Legal name

TeamSystem Capital at Work Società di Gestione del Risparmio S.p.A.

Website

https://tscawsgr.com

Company type

Private

Founded year

2020

Operating status

Operating

Short description

TeamSystem Capital at Work SGR is an Italian Banca d'Italia-authorized alternative asset manager specializing in credit and direct lending funds for Italian SMEs. It manages four closed-end FIA funds serving institutional investors, leveraging TeamSystem Group's FinTech platform and 2 million customer ecosystem.

Ownership category

akta.pro rank

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

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

akta.pro secondary industry

Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)

Keywords

• Alternative asset management
• Direct lending funds
• Invoice trading platform
• Private credit funds
• SGR fund management

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Collective Asset Management Fees: Revenue generated from managing Alternative Investment Funds (Fondi di Investimento Alternativi - FIA) that invest in credit and direct lending instruments. The SGR manages closed-ended reserved mutual funds (fondi mobiliari chiusi riservati) up to €100 million with leverage up to 1.5x, or up to €500 million without leverage. Revenue comes from management fees charged to fund investors.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

TeamSystem Capital at Work SGR manages alternative investment funds (Fondi di Investimento Alternativi - FIA) focused on credit and direct lending for professional investors. The SGR develops closed-end reserved mutual funds that invest in Italian real economy assets through invoice trading, supply chain financing, and direct lending, providing institutional investors with diversified alternative investment products characterized by intensive digitalization and insurance leverage.

Product overview

TeamSystem Capital at Work SGR is a portfolio management company specializing in alternative asset classes focused on credit and direct lending. The company manages closed-end reserved funds (up to €100 million with leverage up to 1.5x, or up to €500 million without leverage) and develops innovative investment products characterized by intensive digitalization and insurance leverage. The product portfolio includes four alternative investment funds: Fondo Credito PMI (investing in SME commercial credits via invoice trading), FPAM1 (investing in PA invoices), DOMM (direct lending), and Space Direct Lending Fund. These products are complemented by invoice trading services (cessione di crediti pro soluto with and without notification) and industrial credit facilities, all powered by a proprietary FinTech platform integrated with TeamSystem's management and billing systems.

Differentiator

Problem solved

Functional benefit

Brands

• Fondo Credito PMI: Alternative investment fund focused on SME credit
• Fondo FPAM1
• Fondo DOMM
• Space Direct Lending Fund

Products and services

• Fondo Credito PMI Alternative investment fund focused on credit to small and medium enterprises (PMI), investing in commercial credits owed to SMEs by their debtors. Reserved for professional investors.
• FPAM1 Fund Alternative investment fund launched to invest in invoices toward the Italian Public Administration (PA), providing liquidity to SMEs by acquiring their receivables. BFF Banking Group is the anchor investor.
• DOMM Fund Alternative investment fund managed by the SGR, focused on direct lending and credit operations. Dario Fracchiolla is responsible for investments in this fund.
• Space Direct Lending Fund Alternative investment fund focused on direct lending operations, managed by Arianna Bordin as Responsible for Investments.
• Invoice Trading - Cessione di Crediti Pro Soluto Con Notifica Invoice trading product involving the pro-soluto assignment of commercial credits with notification to the debtor, operated through the Fondo Credito PMI.
• Invoice Trading - Cessione di Crediti Pro Soluto Senza Notifica Invoice trading product involving the pro-soluto assignment of commercial credits without notification to the debtor, operated through the Fondo Credito PMI.
• Credito Industriale a favore di PMI Business Industrial credit product designed to support small and medium enterprises (PMI) with their business financing needs, provided through SGR-managed funds.

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Two partnerships are on record, tiered minor.

• Refink powered by ConsiliaminorImplementation/ SI/ Consulting PartnerRefink powered by Consilia serves as the Single Control Function (Funzione Unica di Controllo) for the SGR, providing independent control and compliance oversight services.
• Deloitte & Touche S.p.A.minorImplementation/ SI/ Consulting PartnerDeloitte & Touche S.p.A. provides statutory audit services to TeamSystem Capital at Work SGR.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Workinvoice: Italian fintech marketplace for invoice trading and supply chain finance to SMEs. Comparable as a technology-enabled invoice trading platform targeting the same Italian SME segment, though operating a marketplace model rather than managing alternative funds.
• CashMe: Italian fintech providing instant liquidity to SMEs through invoice advances and short-term credit. Comparable in target customer and short-term SME credit product set, though operating outside the regulated SGR/fund structure.

Broad incumbents

• Pemberton Asset Management: European direct lending fund manager focused on sponsor-backed mid-market and SME lending. Comparable in direct lending strategy and institutional LP base, with comparable fund structures (closed-end, reserved to professional investors).
• Muzinich & Co: Global private credit manager with significant European direct lending and SME credit exposure. Comparable as an established alternative credit manager serving institutional investors with similar direct lending strategies, though at much greater AUM scale.
• Tikehau Capital: European alternative asset manager with significant private debt and direct lending funds. Comparable as a publicly-listed European alternative credit platform serving institutional investors with similar fund structures.
• Hayfin Capital Management: European alternative credit manager offering direct lending, special situations and private credit funds. Comparable in alternative credit focus and institutional investor base, though with broader geographic reach and strategy mix.
• Amundi SGR: Italian arm of Europe's largest asset manager. Comparable in SGR structure and Italian regulation, and a potential distribution competitor for institutional mandates within Italy, though much broader in product scope.

Direct peers

• illimity Bank: Italian challenger bank with a strong SME direct lending and distressed credit franchise (illimity SGR). Directly comparable as a domestic competitor serving Italian SMEs with alternative credit solutions, including factoring, invoice trading and structured lending.
• Banca Ifis: Italian listed bank specialized in SME credit, factoring, and NPL purchasing. Directly comparable in target customer (Italian SMEs), credit products (factoring/invoice trading) and Italian regulatory environment, with a much larger balance sheet but similar niche focus.
• Anima SGR: Italy's largest independent asset manager (SGR). Directly comparable in corporate form, Italian regulation, and fund management activity, though broader in product mix (mutual funds, pensions) versus TeamSystem's narrower alternative credit focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Teamsystem Capital At Work Sgr S.p.a.