Family-anchored FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 7 SOURCES

NUO

Investment vehicle of WWICL – The World-Wide Investment Company Limited (Pao family office, Hong Kong)

Also known as Nuo Capital, NUO Capital, N.U.O. Capital S.A., NUO S.p.A., NUO Team S.p.A.

Milan-based investment holding founded in 2016 by the Pao family office WWICL; takes minority and majority stakes in Italian consumer companies (Bialetti, Proraso, Venchi, Scarpa).

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Milan-run investment holding (NUO) of the Hong Kong Pao family office WWICL, with Exor as 50% partner in NUO S.p.A.; invests in Italian consumer companies.

Family & background

FAMILY: Pao
WEALTH ORIGIN: Shipping (Sir Yue-Kong Pao)
HEADQUARTERS: Milan, Italy
FOUNDED: 2016

Investment approach

SECTORS: Consumer & E-commerce Food & Agriculture Software & SaaS
GEOGRAPHY: Italy
STAGES: GrowthBuyout
ROUTES: Companies (own capital)
STRATEGIES: Private equityDirect investments
LATEST DEAL: Bialetti Industrie (Acquisition of 78.567% via Octagon BidCo S.p.A., followed by mandatory tender offer to delist) · Jun 2025

Overview

NUO is an investment holding, started in 2016 as Nuo Capital within WWICL, the Hong Kong family office founded by Sir Yue-Kong Pao. In 2021 WWICL and Exor formed NUO S.p.A. as a 50:50 partnership with €300M of initial permanent capital. Its team, NUO Team S.p.A., is based in Milan. It takes minority and majority stakes in Italian consumer-goods companies and reports about €500M invested since 2016.

Holdings & investments (10)

Bialetti IndustrieNOTABLE
Consumer & E-commerce · since 2025 · Majority stake (78.567%)
Ludovico Martelli (Proraso, Marvis)NOTABLE
Consumer & E-commerce · since 2019
Subdued
Consumer & E-commerce · since 2024
Scarpa
Consumer & E-commerce · since 2024 · Minority stake
Sacs Tecnorib
Consumer & E-commerce · since 2024 · Minority stake
Montura
Consumer & E-commerce · since 2022
Andriani (Felicia)
Food & Agriculture · since 2022 · Minority stake (26.4%)
Venchi
Food & Agriculture · since 2021
Bending Spoons
Software & SaaS · since 2019
Slowear
Consumer & E-commerce

People

Lucas Birr
Investment Manager · source
Stephen Cheng
Chairman · source
Tommaso Paoli
CEO · source
Luca Bossi
Partner · source
Stefania Boroli
Partner · source
Stefano Migliorini
Partner · source
Zephyr Liu
Sr Partner Asia · source
Roberto Sergi
CEO Asia · source
Simone Sebastiano Oddo
Director · source
Guglielmo Fornaro
Associate · source
Antonio Dus
Operating Partner · source
Giuseppe Morici
Operating Partner · source
Ray Jia
Head of Business Development Asia · source
Simona Granieri
General Counsel · source
Francesca Medici
Head of Corporate Affairs · source

Frequently asked questions

NUO is a family-anchored fund based in Milan, Italy, founded in 2016.

NUO invests on behalf of the Pao family (Shipping (Sir Yue-Kong Pao)).

NUO invests its own capital into companies. Its stated asset mix includes private equity and direct investments.

NUO invests at Growth and Buyout stages in Consumer & E-commerce, Food & Agriculture and Software & SaaS.

Key people at NUO include Stephen Cheng (Chairman), Tommaso Paoli (CEO), Luca Bossi (Partner) and Stefania Boroli (Partner).

NUO's holdings and investments include Bialetti Industrie, Ludovico Martelli (Proraso, Marvis), Subdued, Scarpa, Sacs Tecnorib, Montura, Venchi and Andriani (Felicia), among others.

The most recent publicly reported investment by NUO is Bialetti Industrie (Acquisition of 78.567% via Octagon BidCo S.p.A., followed by mandatory tender offer to delist), announced in Jun 2025.