Xenon Private Equity
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.
Key facts
Recent exits
Coverage notes
7 funds tracked, 22 portfolio companies (12 active · 10 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
22 companiesFunds & portfolio
Every fund Xenon Private Equity has raised, with its portfolio companies. Hand-checked from public filings.
Xenon Private Equity Small Cap IISmall-Mid Buyout2025 · 1yr€135M0 active
No portfolio companies tracked yet.
Xenon Private Equity VIIISmall-Mid Buyout2024 · 2yr€500M3 active · 1 realized
Unrealized
3 held
Xenon FIDECImpact2022 · 4yr2 active · 2 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials |  Italy | 2024 | |
| Business Services | Italy | 2025 |
Italy· Entry 2024Italy· Entry 2025Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Italy | 2024 | 2025 | Secondary | – | ||
| Industrials | Italy | 2023 | 2026 | Trade Sale | – |
Xenon Private Equity Small CapSmall-Mid Buyout2021 · 5yr€85M4 active · 1 realized
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Italy | 2024 | |
| Business Services | Italy | 2025 | |
| Business Services | Italy | 2023 | |
| E-commerce | Italy | 2022 |
Italy· Entry 2024Italy· Entry 2025Italy· Entry 2023Italy· Entry 2022Xenon Private Equity VIISmall-Mid BuyoutHarvesting2019 · 7yr€300M2 active · 3 realized
Unrealized
2 held
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Italy | 2019 | 2022 | Secondary | – | ||
| Software | Italy | 2019 | 2021 | Secondary | – | ||
| Consumer | Italy | 2019 | 2023 | Trade Sale | – |
Xenon Private Equity VISmall-Mid BuyoutHarvesting2014 · 12yr€184M1 active · 2 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Italy | 2018 |
Italy· Entry 2018Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Italy | 2018 | 2021 | Secondary | – | ||
| Industrials | Italy | 2018 | 2024 | Secondary | – |
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