- The fund, operating in the underserved private equity small-cap growth capital segment, results from the collaboration between RedFish Capital Partners and Alternative Capital Partners SGR, as manager
- DaVinci Growth Capital Fund is a distinctive, expected high-yield solution (>20% a year) to support innovative Italian small and medium businesses in the digital technology, industrial technology, and life sciences and health sectors.
- The operation is supported by InvestEU through ESCALAR, the initiative developed by the European Union together with the EIF to mobilise private capital in growth funds, through a mechanism to improve returns for investors.
- The fund has already received the commitment of primary institutional investors and of the EIF and is continuing fund-raising activities with additional potential participants at the due diligence stage, with a final funding target of €80 million.
- In 2025, the EIF invested €687 million in active funds in Italy, the highest amount ever recorded in the country
The European Investment Fund (EIF), part of the EIB Group, announces a commitment to invest up to €20 million in DaVinci Growth Capital Fund, an EuVECA PIR Alternative Compliant fund, resulting from the collaboration between RedFish Capital Partners and Alternative Capital Partners SGR (ACP), as manager. The financing is supported by InvestEU and benefits from an allocation from the European Scale-up Action for Risk Capital (ESCALAR), an EU initiative developed with the EIF to attract private capital by improving the risk-return profile typical of investments in growth funds. The investment, announced by European Investment Bank Vice-President Gelsomina Vigliotti and Chief Executive Officer of ACP SGR Emanuele Ottina, will help support the competitiveness of Italian small and medium businesses with high technological potential. DaVinci Growth Capital Fund, operating in the underserved private equity small-cap growth capital segment, was established and began its commercialisation activity at the end of 2025. The overall target size is €80 million, with a hard cap of €100 million. The investments will focus on growth-phase Italian companies with a strong financial profile, high margins and EBITDA of between €1 million and €4 million, through the purchase of majority shareholdings. The focus will be on three key areas: digital technology, industrial technology, and life sciences and health. The expected net IRR of the fund is in excess of 20%.
The investment strategy combines operational value creation, strengthened governance and buy-and-build operations, with a portfolio expected to contribute around 70% to innovation objectives and 15% to environmental sustainability objectives. DaVinci Growth Capital Fund will benefit from theexpertise and track record of the investment team that has so far achieved returns on invested capital in excess of 2.5x and annual returns of >30%.
“This agreement once again demonstrates the key role played by the EIB Group in mobilising resources from the EU budget, such as InvestEU, and directing them towards strategic objectives for the European economy. Such investments help support the digital transition and strengthen the competitiveness of the Italian production system, fostering the growth of innovative small and medium businesses with high technological potential,” said EIB Vice-President Gelsomina Vigliotti.
“The EIF’s commitment confirms DaVinci Growth Capital Fund’s strength and strategic importance and represents a key step in our fund-raising. We have already received the commitment of some primary institutional investors, and others are at the due diligence stage. The fund is positioned in the private equity small-cap growth capital segment, which is structurally underserved, and aims to support businesses and management on a sustainable growth path, strengthening governance, organisation and industrial consolidation capacity,” added Emanuele Ottina and Ofelia Harder, respectively CEO and Senior Manager of Business Development and Fundraising at ACP.
“The EIF’s commitment to DaVinci Growth Capital Fund confirms our role as anchor investor in operations dedicated to supporting the growth of the most promising businesses. This operation forms part of the EIF’s equity investment activity, which in 2025 totalled €687 million in Italy, the highest amount ever recorded in the country,” said EIF Chief Investment Officer Marco Marrone. “DaVinci results from the collaboration between ACP and RedFish Capital Partners and provides a distinctive solution in support of Italian small and medium businesses, which often operate in fragmented markets with considerable opportunities for consolidation and a limited number of investors active in the small businesses segment. This scenario presents an opportunity to invest in businesses aiming to gain momentum via M&A operations and consolidate their market position. DaVinci’s strategy stems from the integration of this structural market need with the team’s solid track record, achieved through various investment vehicles that have achieved returns on invested capital in excess of 2.5x and annual returns of >30%, ” said Managing Partner of DaVinci Growth Capital Fund Antonello Carlucci.
The previous operations conducted by the fund management team showed significant improvements in terms of revenues, EBITDA and employment, highlighting the growth and professionalisation potential of the small and medium businesses supported. With this operation, the EIF offers significant added value in terms of strengthening governance, protecting investors and supporting the launch of the first fund of a new family of private equity products for ACP. In addition, it plays a key catalytic role in achieving first closing and final target size, helping to attract additional institutional investors. The use of the InvestEU guarantee, the European Union’s investment programme through which the EIB Group has already mobilised more than €6 billion, and the ESCALAR instrument, developed together with the EIF to facilitate the flow of private capital into growth investments, further strengthens the fund’s ability to mobilise additional resources.
