L&B Capital SGR
L&B Capital SGR is an Italian asset manager formed in October 2025 when Soprarno SGR, part of the Banca Ifigest group, acquired Milano Investment Partners (MIP) from Angelo Moratti's Angel Capital Management holding. This record tracks only MIP's direct venture and growth equity book, established in Milan in 2017, which invests Series A and later rounds in consumer tech and lifestyle brands across Europe through MIP I and in US deep-tech companies through the Cliffs and U-Start Ventures funds. The combined L&B Capital platform manages about EUR 2 billion including Soprarno UCITS funds and infrastructure sleeves, but the tracked venture book is a small fraction of that. Angelo Moratti chairs the new entity and Tommaso Federici, formerly of Soprarno, is chief executive.
Key facts
Recent exits
Coverage notes
3 funds tracked, 13 portfolio companies (10 active · 3 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
13 companiesFunds & portfolio
Every fund L&B Capital SGR has raised, with its portfolio companies. Hand-checked from public filings.
U-Start VenturesGrowth2021 · 5yr1 active
CliffsVC2021 · 5yr3 active
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Aerospace & Defence |  United States | 2021 | |
| ClimateTech | United States | 2024 | |
| Software | United States | 2021 |
MIP IGrowthHarvesting2018 · 8yr6 active · 3 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  Spain | 2019 | |
| E-commerce |  Italy | 2019 | |
| Consumer | Italy | 2019 | |
| Consumer | Italy | 2018 | |
| Consumer | Italy | 2020 | |
| Consumer | Italy | 2018 |
Spain· Entry 2019Italy· Entry 2019Italy· Entry 2019Italy· Entry 2018Italy· Entry 2020Italy· Entry 2018Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| E-commerce | Spain | 2019 | 2024 | – | – | – | |
| Consumer | Italy | 2019 | 2024 | Secondary | – | ||
| E-commerce |  Germany | 2018 | 2022 | – | – | – |
Spain· Entry 2019Germany· Entry 2018Saved GPs appear in your watchlist, one click from your workspace.
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