FIPEC completes four new co-investments, bringing the total number of transactions to eleven. Nearly 65% of the Fund’s €115 million commitments have already been deployed
Milan, 24th July 2026 – Fondo Italiano d’Investimento SGR announces four new investments through Fondo Italiano Private Equity Co-investments (FIPEC), further strengthening the Fund’s role in supporting the development of Italy’s co-investment market. The transactions involve Adler Ortho, Costa Edutainment, Genetic and DMX Pharma, bringing FIPEC’s portfolio to eleven investments since its first closing in early 2024. With these transactions, the Fund has already deployed approximately 65% of its €115 million fund size, confirming strong market demand and a robust investment pipeline. The four companies operate in sectors of strategic importance to the Italian economy—including healthcare, life sciences, tourism and leisure—and share strong growth profiles, international ambitions and leadership positions within their respective markets.
Adler Ortho is a leading Italian biomedical group specialized in the design, production and commercialization of orthopedic implants, with a distinctive focus on 3D-printed surgical implants and complex orthopedic applications, including oncology. Headquartered in Cormano (Milan), the company operates three production facilities in Italy and eight international subsidiaries. Approximately 60% of revenues are generated abroad, primarily in France, the United Kingdom, Japan and Australia. In 2025, the company reported revenues of approximately €70 million, supported by an average annual growth rate exceeding 11% between 2019 and 2025. FIPEC joined the investment led by Andera Partners to support the company’s international expansion—particularly in the United States following recent FDA approvals—as well as the continued enhancement of its product portfolio.
Costa Edutainment is Italy’s leading edutainment operator and one of the country’s foremost players in cultural and recreational experiences. Founded in 1997 to manage the Aquarium of Genoa, the Group today operates 12 attractions, including aquariums, water parks, themed experiences and museums, in addition to an in-house tour operator. In 2025, Costa Edutainment welcomed approximately 3 million visitors and generated revenues of around €78 million. FIPEC invested alongside Nextalia Private Equity as part of a strategic partnership with Ponte Ter, the investment vehicle of the Costa family, led by Cav. Lav. Giuseppe Costa, which retains a 30% stake in the business. The investment aims to support both organic growth initiatives and strategic acquisitions to further strengthen the Group’s market leadership.
Genetic is a pharmaceutical CDMO (Contract Development and Manufacturing Organization) specializing in the development and manufacturing of generic medicines, with strong expertise in respiratory and ophthalmic therapies. Based in Fisciano (Salerno), the company combines advanced dossier development capabilities with highly specialized manufacturing expertise across complex pharmaceutical formulations, serving leading B2B customers in Italy and abroad. International markets account for more than 43% of revenues. In 2025, Genetic generated revenues of approximately €130 million, achieving an average annual growth rate of more than 20% between 2022 and 2025. FIPEC participated as co-investor alongside Renaissance Partners and the Pavese family, supporting the company’s plans to expand manufacturing capacity, broaden its product offering and accelerate the commercialization of new pharmaceutical dossiers.
DMX Pharma was established in 2024 through the merger of Mipharm and Doppel, creating one of Italy’s leading pharmaceutical CDMOs focused on generic medicines.
The Group offers a diversified portfolio of pharmaceutical solutions—including oral liquids, tablets, capsules and soft gels—and serves major pharmaceutical companies active in both branded and generic medicines. Approximately 40% of revenues are generated internationally. In 2025, DMX Pharma reported revenues of approximately €164 million. FIPEC joined the transaction promoted by The Club Dealers and Azzurra Capital, acting as co-lead investors, to support the further expansion of the Group’s product portfolio and international growth.
Domenico Lombardi, Chief Executive Officer of Fondo Italiano d’Investimento, commented: “Completing eleven co-investments within two years of FIPEC’s launch confirms Fondo Italiano’s ability to establish itself as a leading player in a segment that remains significantly underdeveloped in Italy. The investments in Adler Ortho, Costa Edutainment, Genetic and DMX Pharma demonstrate the breadth and flexibility of our strategy, enabling us to partner with leading entrepreneurs and private equity sponsors across sectors that are critical to the country’s economic growth and competitiveness. We will continue to focus on high-quality investment opportunities in strategic sectors, supporting the expansion, innovation and internationalization of Italian businesses. At the same time, we remain committed to fostering the development of the domestic co-investment market, providing an additional source of capital to strengthen Italy’s productive system and long-term economic growth.”
