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Family HoldingPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 9 SOURCES

Narval Investimenti

Also known as Narval Investimenti S.p.A., Narval

Turin holding wholly owned by the Giubergia and Argentero families (Ersel founders); owns Koelliker hospital, minority stakes in Italian companies, 30+ PE fund commitments and property.

USEFUL FOR Fund managers raising capital · Business owners seeking a long-term partner · Co-investors

Family & background

FAMILY
Giubergia and Argentero
WEALTH ORIGIN
Ersel (wealth management, Turin, since 1936)
HEADQUARTERS
Turin, Italy
OUTSIDE CAPITAL
No — own capital only

Investment approach

SECTORS
HealthTechIndustrial & ManufacturingConsumer & E-commerceClimate & EnergyFintechReal Estate & PropTech
GEOGRAPHY
Italy
STAGES
Buyout
ROUTES
Companies (own capital) · Funds (as LP)
STRATEGIES
Direct investmentsPrivate equityFunds (as LP)Real estate
LATEST DEAL
Twinset (Co-investment alongside Made in Italy Fund II and Borletti Group in the buyout from Carlyle, with a Narval board seat (25% minority per the official site)) · Jun 2025

Overview

Narval Investimenti S.p.A. is an industrial holding wholly owned by the Giubergia and Argentero families, created by demerger from Ersel Investimenti S.p.A. It owns 100% of the Koelliker hospital group in Turin and holds minority stakes of 10–25% in companies such as Sied, Arbo, PerMicro, Farmagorà, Twinset and E-Invest. It also makes small (<5%) club-deal co-investments in Italian companies, has subscribed to more than 30 private equity funds, and holds office and residential property in Turin and Milan.

Investment thesis

Stable medium-to-long-term minority partner for companies with high growth potential or ownership changes, backed by a sound industrial plan and proven management; club deals and co-investments mainly in Italy, with international VC, growth and PE funds selected with an advisor for geographic and sector diversification.

Holdings & investments (16)

  • Gruppo KoellikerNOTABLE
    HealthTech · Wholly owned (100%)
  • TwinsetNOTABLE
    Consumer & E-commerce · since 2025 · Minority stake (25%)
  • NewcleoNOTABLE
    Climate & Energy · since 2024 · Minority stake (<5%, club deal/co-investment)
  • E-Invest (Energy Investments S.r.l.)
    Climate & Energy · since 2025 · Minority stake (20%)
  • Microtec
    Industrial & Manufacturing · since 2025 · Minority stake (<5%, club deal/co-investment)
  • Sammontana
    Food & Agriculture · since 2024 · Minority stake (<5%, club deal/co-investment)
  • Gym Nation
    Consumer & E-commerce · since 2024 · Minority stake (<5%, club deal/co-investment)
  • Farmagorà
    HealthTech · since 2023 · Minority stake (12%)
  • Neopharmed Gentili
    HealthTech · since 2023 · Minority stake (<5%, club deal/co-investment)
  • U-Power
    Industrial & Manufacturing · since 2023 · Minority stake (<5%, club deal/co-investment)
  • Desa
    Consumer & E-commerce · since 2023 · Minority stake (<5%, club deal/co-investment)
  • Arbo
    Industrial & Manufacturing · since 2022 · Minority stake (10%, co-investment with NB Renaissance)
  • Gruppo Florence
    Consumer & E-commerce · since 2022 · Minority stake (<5%, club deal/co-investment)
  • PerMicro
    Fintech · since 2007 · Minority stake (13%)
  • Sied
    Climate & Energy · since 2004 · Minority stake (25%, co-investment with Gruppo Ferrero)
  • DMX Pharma

People

  • Mauro Castellano
    Head of Investments (Responsabile Partecipazioni) · source
  • Pietro Poli
    Industrial Investments · source
  • Giorgio Pagliero
    Industrial Investments · source
  • Enrico Asinelli
    Real Estate Investments · source
  • Silvia Magnano
    Real Estate Investments · source
  • Guido Giubergia
    Chairman · source
  • Daniela Argentero
    Director (Consigliere) · source
  • Francesca Giubergia
    Director (Consigliere) · source
  • Paola Giubergia
    Director (Consigliere) · source
  • Silvia Griglio
    Director (Consigliere) · source
  • Ferruccio Luppi
    Director (Consigliere) · source
  • Andrea Rayneri
    Director (Consigliere) · source
  • Stanislao Vialardi di Villanova
    Director (Consigliere) · source

Frequently asked questions

Narval Investimenti is a family holding based in Turin, Italy.

Narval Investimenti invests on behalf of the Giubergia and Argentero family (Ersel (wealth management, Turin, since 1936)).

Narval Investimenti invests its own capital into companies and in third-party funds as an LP. Its stated asset mix includes direct investments, private equity, funds (as lp) and real estate.

Narval Investimenti invests at Buyout stage in HealthTech, Industrial & Manufacturing, Consumer & E-commerce, Climate & Energy, Fintech and Real Estate & PropTech.

Key people at Narval Investimenti include Guido Giubergia (Chairman), Daniela Argentero (Director (Consigliere)), Francesca Giubergia (Director (Consigliere)) and Paola Giubergia (Director (Consigliere)).

Narval Investimenti's holdings and investments include Gruppo Koelliker, Twinset, Newcleo, Sied, PerMicro, Arbo, Farmagorà and E-Invest (Energy Investments S.r.l.), among others.

The most recent publicly reported investment by Narval Investimenti is Twinset (Co-investment alongside Made in Italy Fund II and Borletti Group in the buyout from Carlyle, with a Narval board seat (25% minority per the official site)), announced in Jun 2025.

No. Narval Investimenti invests its own capital and does not raise money from outside investors.