First Capital
First Capital is an investment holding company listed on Euronext Growth Milan that specialises in Private Investments in Public Equity and private equity in small and mid-cap Italian companies. Founded in February 2008 by Vincenzo Polidoro and listed since December 2010, it takes active minority stakes in listed, pre-IPO and to-be-listed SMEs with a medium-to-long-term value-creation approach, and reported an audited net asset value of about 106.7 million euros at 31 December 2025.
Key facts
Recent exits
Coverage notes
1 fund tracked, 19 portfolio companies (16 active · 3 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund First Capital has raised, with its portfolio companies. Hand-checked from public filings.
First CapitalGrowth2008 · 18yr€107M16 active · 3 realized
Unrealized
16 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| B&C Speakers | Industrials | Italy | 2021 |
| Bruno Generators Group | Industrials | Italy | 2022 |
| Cellularline | Consumer | Italy | 2018 |
| Cy4Gate | Cybersecurity | Italy | 2020 |
| DHH | Cloud Infrastructure | Italy | 2021 |
| ErreDue | Energy | Italy | 2024 |
| Generalfinance | Financials | Italy | 2022 |
| Industrie Chimiche Forestali | Industrials | Italy | 2020 |
| Intred | Telecom | Italy | 2018 |
| Lab Investments | Healthcare | Italy | 2021 |
| Lindbergh | Software | Italy | 2024 |
| Magis | Industrials | Italy | 2022 |
| Next Geosolutions | Energy | Italy | 2024 |
| Orsero | Consumer | Italy | 2018 |
| TPS Group | Aerospace & Defence | Italy | 2018 |
| Unidata | Telecom | Italy | 2020 |
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| ALA | Aerospace & Defence | Italy | 2021 | 2025 | Secondary | ||
| Labomar | Healthcare | Italy | 2020 | 2023 | Secondary | ||
| Net Insurance | Financials | Italy | 2018 | 2023 | Trade Sale |
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Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Similar firms
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