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FSI SGR

FSI SGR

Milan, Italy·Founded 2016··fondofsi.it

FSI SGR is a Milan-based growth-capital asset manager created in 2016 out of the reorganization of Fondo Strategico Italiano, led by founder and CEO Maurizio Tamagnini. It runs two growth-equity funds, FSI I at 1.4bn EUR and FSI II at 1.6bn EUR, and backs mid-to-large Italian leaders across financial services, consumer and luxury, healthcare, industrials and technology, taking minority and control positions to fund growth and consolidation. Notable investments include Cedacri, Kedrion, Missoni, Nice, Cerved, Bancomat, Numia and Casalasco.

AUM
€3.5B
Funds
2
vintages 2017–2023
Portfolio
8
Exits
5
SectorsFinancialsConsumerHealthcareIndustrialsSoftwareBusiness Services

Key facts

HQMilan, Italy
Founded2016

Recent exits

Lynx
IT Services · 2025 · 4yr hold
Adler Pelzer Group
Industrials · 2022 · 4yr hold
Kedrion
Pharma · 2022 · 3yr hold
Lumson
Industrials · 2022 · 4yr hold

Coverage notes

2 funds tracked, 13 portfolio companies (8 active · 5 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund FSI SGR has raised, with its portfolio companies. Hand-checked from public filings.

2 funds
FSI IIGrowth
2023 · 3yr€1.6B6 active

Unrealized

6 held
FinancialsItaly· Entry 2023
BancomatActive
FintechItaly· Entry 2023
CasalascoActive
ConsumerItaly· Entry 2025
NiceActive
IndustrialsItaly· Entry 2023
NumiaActive
FintechItaly· Entry 2023
RetexActive
SoftwareItaly· Entry 2024
FSI IGrowth
2017 · 9yr€1.4B2 active · 5 realized

Unrealized

2 held
CervedActive
Data & AnalyticsItaly· Entry 2021
MissoniActive
ConsumerItaly· Entry 2018

Realized

5 exits
IndustrialsItaly· Entry 2018
MBOto
CedacriExited 2021
FintechItaly· Entry 2017
Trade Saleto
KedrionExited 2022
PharmaItaly· Entry 2019
Secondaryto
LumsonExited 2022
IndustrialsItaly· Entry 2018
MBOto
LynxExited 2025
IT ServicesItaly· Entry 2021
MBOto
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Last updated July 2026 · Sourced from public filings