Seven transactions completed since the fund’s 2024 launch, with approximately 40% of total capital already deployed.
An additional investment, already approved, will bring FIPEC’s
total commitments to around 50% of available resources.
Milan, 14th October 2025 – Fondo Italiano d’Investimento SGR announces that its Fondo Italiano Private Equity Co-investments (FIPEC) has expanded its portfolio with three new co-investments in BV Tech, Spindox, and Else Solutions. Launched in early 2024 to strengthen and develop Italy’s co-investment market, and after just over 18 months since its first closing, FIPEC has now completed seven transactions and deployed approximately 40% of its total committed capital of €114 million. An additional co-investment, recently approved in the healthcare sector, will increase the fund’s overall deployment to about 50% of its available resources.
BV Tech – Founded in 2005, with headquarters in Rome and Milan, BV Tech is a leading provider of cybersecurity and ICT services. Operating across seven European countries, the company employs over 1,300 people and serves around 600 clients in strategic sectors such as defense, energy, finance, healthcare, and telecommunications. In the recent transaction that brought PX3 Partners in as a shareholder alongside the founder, FIPEC joined as a co-investor to support the company’s growth strategy. BV Tech reported revenues exceeding €180 million in 2024 and aims to further consolidate its market position and expand internationally.
Spindox – Based in Milan and listed on Euronext Growth Milan, Spindox provides IT consulting and digital transformation services, developing advanced technology solutions for major Italian and international corporations. The company reported revenues of approximately €112 million in 2024. FIPEC participated as a co-investor alongside Progressio Investimenti IV, supporting a new phase of development focused on strengthening the company’s competitive positioning and driving growth in its core markets.
Else Solutions – Headquartered in Trezzano sul Naviglio (Milan), Else Solutions operates in the distribution and production of medical products. In recent years, the company has diversified its business lines, developing and manufacturing proprietary solutions. It recorded approximately €20 million in revenue in 2024. FIPEC co-invested in the acquisition of a majority stake by 21 Invest Healthcare, supporting the company’s strategy to enhance its international presence and increase production capacity.
Marco Lucchini, Senior Partner at Fondo Italiano d’Investimento and Co-Head of FIPEC, commented: “Completing seven co-investments in just over 18 months—and approving an eighth—demonstrates the strength and clarity of our strategy. It’s not just about the speed of capital deployment, but the caliber of the businesses and fund managers we’re partnering with. We’re helping to build and strengthen a co-investment market that remains underdeveloped in Italy. These latest transactions reflect FIPEC’s commitment to supporting high-quality Italian companies with global ambitions, particularly in the tech and healthcare sectors. Our mission is to help these businesses scale, strengthen their competitive edge, and succeed on the international stage.”
In addition to the three new investments, FIPEC has also co-invested in: Errevi System S.p.A., provider of IT solutions and services for cloud and cybersecurity (with KYIP Capital, December 2024), The Nice Kitchen, a manufacturer of accessories for professional kitchens (with 21Invest, November 2024), Eurosirel S.p.A., producer of medical devices and cosmetics (with Arca Space Capital and Alto Partners, June 2024), CRM S.p.A. (known as Casa della Piada), specialized in baked goods (with Wise Equity, June 2024)
FIPEC, which is expected to complete fundraising in early 2026, is backed by cornerstone investor Cassa Depositi e Prestiti (CDP)—also serving as fund sponsor—alongside other institutional investors and family offices.
