Home / GPs / Xenon Private Equity Xenon Private Equity · Founded 1990 · · xenonpe.com Xenon Private Equity is an Italian lower mid-market buy-and-build specialist whose team has been investing since 1990, operating through Luxembourg fund vehicles (Xenon AIFM S.A.) with its operational headquarters in Milan. The firm runs three strategies - the Flagship buyout funds (generations V through VIII), the Small Cap fund for B2B knowledge-intensive services, and the Article 9 impact fund Xenon FIDEC for decarbonisation and circular economy - and was the most active investor in Italy by deal volume in 2024 (PEM #1 with 17 deals, mostly add-ons to platforms). In March 2026 EQUITA Group signed a binding agreement to acquire the Xenon platform (c. EUR 1bn AuM, 25 professionals) for EUR 70m, with closing expected in H2 2026.
Sectors Industrials Business Services Software Consumer TMT Energy
Key facts HQ Milan, Italy
Founded 1990
Employees 25+
Recent exits Solana Consumer · 2026 · 2yr hold
Testing Business Services · 2024 · 1yr hold
Coverage notes 6 funds tracked, 20 portfolio companies (12 active · 8 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio Every fund Xenon Private Equity has raised, with its portfolio companies. Hand-checked from public filings.
6 funds
Xenon Private Equity VIII Small-Mid Buyout
2024 · 2yr €500M 3 active · 1 realized
Unrealized 3 held Company Sector Geo Entry Eles Deep Tech Italy 2026 Grincore Industrials Italy 2025 Rinovha Industrials Italy 2025
Deep Tech Italy · Entry 2026
Industrials Italy · Entry 2025
Industrials Italy · Entry 2025
Realized 1 exit Company Sector Geo Entry Exit Type Buyer MOIC Solana Consumer Italy 2024 2026 Trade Sale –
Consumer Italy · Entry 2024
Xenon FIDEC Impact
2022 · 4yr 2 active · 2 realized
Unrealized 2 held Industrials Italy · Entry 2024
Business Services Italy · Entry 2025
Realized 2 exits Company Sector Geo Entry Exit Type Buyer MOIC Orion Group Industrials Italy 2024 2025 Secondary – Sostelia Industrials Italy 2023 2026 Trade Sale –
Industrials Italy · Entry 2024
Industrials Italy · Entry 2023
Xenon Private Equity Small Cap Small-Mid Buyout
2021 · 5yr €85M 4 active · 1 realized
Unrealized 4 held Software Italy · Entry 2024
Business Services Italy · Entry 2025
Business Services Italy · Entry 2023
E-commerce Italy · Entry 2022
Realized 1 exit Company Sector Geo Entry Exit Type Buyer MOIC Testing Business Services Italy 2023 2024 Trade Sale –
Business Services Italy · Entry 2023
Xenon Private Equity VII Small-Mid Buyout
2019 · 7yr €300M 2 active · 2 realized
Unrealized 2 held Industrials Italy · Entry 2019
Deep Tech Italy · Entry 2022
Realized 2 exits Company Sector Geo Entry Exit Type Buyer MOIC Impresoft Software Italy 2019 2021 Secondary – MinervaHub Consumer Italy 2019 2023 Trade Sale –
Software Italy · Entry 2019
Consumer Italy · Entry 2019
Xenon Private Equity VI Small-Mid Buyout
2014 · 12yr €184M 1 active · 1 realized
Unrealized 1 held Company Sector Geo Entry EMS Group Industrials Italy 2018
Industrials Italy · Entry 2018
Realized 1 exit Company Sector Geo Entry Exit Type Buyer MOIC ReLife Group Industrials Italy 2018 2021 Secondary –
Industrials Italy · Entry 2018
Xenon Private Equity V Small-Mid Buyout
2009 · 17yr €150M 0 active · 1 realized
Realized 1 exit Company Sector Geo Entry Exit Type Buyer MOIC Gimatic Industrials Italy 2013 2016 Secondary –
Industrials Italy · Entry 2013
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Last updated July 2026 · Sourced from public filings
Milan, Italy