Alcedo SGR
Alcedo SGR is an independent Treviso-based private equity firm whose team has invested in Italian SMEs since 1987, established in 2000 in partnership with Cardine Banca to manage the Cardine Impresa and Eptasviluppo funds and fully independent since a 2006 management buyout. It backs North-East and Northern Italian companies with sales of EUR 10-120m through majority buyouts and growth capital tickets of EUR 5-30m, and reports roughly EUR 800m of assets managed across more than 70 direct and indirect investments via funds Alcedo III (EUR 173m, 2008), Alcedo IV (EUR 195m, 2016) and Alcedo V (EUR 238m, 2021).
Key facts
Recent exits
Coverage notes
5 funds tracked, 37 portfolio companies (15 active · 22 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
37 companiesFunds & portfolio
Every fund Alcedo SGR has raised, with its portfolio companies. Hand-checked from public filings.
Alcedo VSmall-Mid Buyout2021 · 5yr€238M9 active
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| TMT |  Italy | 2024 | |
| Healthcare | Italy | 2023 | |
| Consumer | Italy | 2023 | |
| Consumer | Italy | 2026 | |
| Consumer | Italy | 2022 | |
| Industrials | Italy | 2022 | |
| Industrials | Italy | 2024 | |
| Healthcare | Italy | 2025 | |
| Industrials | Italy | 2023 |
Italy· Entry 2024Italy· Entry 2023Italy· Entry 2023Italy· Entry 2026Italy· Entry 2022Italy· Entry 2022Italy· Entry 2024Italy· Entry 2025Italy· Entry 2023Alcedo IVSmall-Mid BuyoutHarvesting2016 · 10yr€195M5 active · 7 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Italy | 2017 | |
| Consumer | Italy | 2018 | |
| Consumer | Italy | 2020 | |
| Industrials | Italy | 2017 | |
| Cybersecurity | Italy | 2021 |
Italy· Entry 2017Italy· Entry 2018Italy· Entry 2020Italy· Entry 2017Italy· Entry 2021Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Italy | 2016 | 2025 | Trade Sale | – | ||
| Industrials | Italy | 2017 | 2023 | Continuation Vehicle | – | ||
| Industrials | Italy | 2017 | 2022 | Trade Sale | – | ||
| Consumer | Italy | 2019 | 2025 | Secondary | – | ||
| Business Services | Italy | 2016 | 2023 | Secondary | – | ||
| Industrials | Italy | 2020 | 2023 | Trade Sale | – | ||
| Consumer | Italy | 2016 | 2021 | Trade Sale | – |
Alcedo IIISmall-Mid BuyoutHarvesting2008 · 18yr€173M1 active · 9 realized
Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Education | Italy | 2013 | 2017 | Secondary | – | ||
| Industrials | Italy | 2012 | 2014 | Trade Sale | – | ||
| Consumer | Italy | 2008 | 2016 | Trade Sale | – | ||
| Industrials | Italy | 2012 | 2015 | Trade Sale | – | ||
| Industrials | Italy | 2008 | 2013 | Secondary | – | ||
| Business Services | Italy | 2010 | 2016 | Secondary | – | ||
| Consumer | Italy | 2011 | 2015 | IPO | – | ||
| Industrials | Italy | 2011 | 2017 | Trade Sale | – | ||
| E-commerce | Italy | 2011 | 2014 | Trade Sale | – |
Cardine ImpresaGrowthHarvesting2000 · 26yr0 active · 5 realized
Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | Italy | 2007 | 2009 | Trade Sale | – | ||
| Consumer | Italy | 2006 | 2013 | Trade Sale | – | ||
| Pharma | Italy | 2003 | 2006 | Secondary | – | ||
| Industrials | Italy | 2003 | 2007 | Trade Sale | – | ||
| Industrials | Italy | 2001 | 2010 | Trade Sale | – |
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