Government-backed FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 11 SOURCES

Friulia

Regional finance company 86.7%-owned by Regione Autonoma Friuli Venezia Giulia

Also known as Friulia S.p.A., Finanziaria Regionale Friuli Venezia Giulia, Finanziaria FVG

Friuli Venezia Giulia regional finance company (1967) taking minority equity stakes in regional companies; EUR 225M invested capital in 80 investee companies at end-2025.

HEADQUARTERS: Trieste, Italy
FOUNDED: 1967
AUM: €225M (2025)
OUTSIDE CAPITAL: No — own capital only
TEAM LISTED: 5 people

Focus

STAGES: GrowthBuyout
SECTORS: —
ASSET MIX: Direct investmentsPrivate equityPrivate credit
GEOGRAPHY: Italy

Investment arms & vehicles

Finest
Equity partner for the internationalisation of north-east Italian companies (Friulia group company)

Overview

Friulia S.p.A. was set up in 1967 under regional law 18/1966 as the finance company of the Friuli Venezia Giulia region, which owns 86.7% of it, with banks holding 9.4%. It takes minority stakes in the risk capital of regional companies for expansion, M&A, turnaround and family or management buyouts, with exits usually back to the existing shareholders, and also subscribes minibonds and convertible bonds. At end-2025 its total invested capital was EUR 225 million across 80 investee companies; in 2025 it invested EUR 39 million in 16 deals. Since 2006 it has also been the holding of a group of regional strategic companies, including Finest and logistics and infrastructure operators.

Investment thesis

Minority equity in companies with production sites in Friuli Venezia Giulia (expansion, turnaround, generational buyouts), with exit preferably in continuity with the existing shareholders.

PORTFOLIO (5)

Agorai Innovation HubNOTABLE
Artificial Intelligence · since 2025
Eurolls
Industrial & Manufacturing · since 2026
Pintaudi
Food & Agriculture · since 2026
Elifriulia
Interporto di Trieste
Mobility & Logistics

People

Federica Seganti
Chair and Chief Executive Officer · source
Marco Signori
Director General · source
Roberta Terpin
Deputy Director, Investments · source
Andrea Fioravanti
Senior Investment Officer · source
Alessandro Villatora
Senior Investment Officer · source

Frequently asked questions

Friulia is a government-backed fund based in Trieste, Italy, founded in 1967.

Yes. Friulia invests its own capital in private companies.

Friulia invests at Growth and Buyout stages.

Key people at Friulia include Federica Seganti (Chair and Chief Executive Officer), Marco Signori (Director General), Roberta Terpin (Deputy Director, Investments) and Andrea Fioravanti (Senior Investment Officer).

Friulia's investments include Agorai Innovation Hub, Eurolls, Pintaudi, Elifriulia and Interporto di Trieste.

The most recent publicly reported investment by Friulia is Eurolls (EUR 4M: EUR 2M equity plus EUR 2M convertible bond), announced in Jun 2026.

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