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Private Equity FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 10 SOURCES

Entangled Capital

Also known as Entangled Capital SGR, Entangled Capital Società di Gestione del Risparmio S.p.A., Entangled Capital SGR S.p.A.

Independent Milan SGR founded in 2019 managing the EC I private equity fund, which takes majority and minority stakes in Italian family-owned industrial and food SMEs.

HEADQUARTERS
Milan, Italy
FOUNDED
2019
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
6 people

Focus

STAGES
GrowthBuyout
SECTORS
Industrial & ManufacturingFood & AgricultureConsumer & E-commerce
ASSET MIX
Private equity
GEOGRAPHY
Italy

Overview

Entangled Capital SGR is an independent Italian private equity management company founded by Roberto Giudici and Anna Guglielmi and authorised by the Bank of Italy in 2019. Its first fund, EC I (target €100M, hard cap €150M), invests in Italian family businesses in industrial, manufacturing and technology sectors with organic and buy-and-build growth potential. Several deals were co-invested with Capital Dynamics; the first exit, Alphial, was sold to SGD Pharma in August 2025.

Investment thesis

Italian privately held, mostly family-owned SMEs in industrial, manufacturing and technology sectors (mechanics, chemistry, pharmaceuticals, cosmetics, food & beverage, agribusiness); active involvement, new management, digital and energy transformation, buy-and-build and international expansion.

PORTFOLIO (7)

  • AlphialNOTABLE
    Industrial & Manufacturing · since 2020 · Exited
  • SIPA International
    Food & Agriculture · since 2024
  • Tecnomaster
    Industrial & Manufacturing · since 2024
  • FBL
    Industrial & Manufacturing · since 2023
  • Airpower
    Industrial & Manufacturing · since 2022
  • Turatti & Tecnoceam
    Industrial & Manufacturing · since 2022
  • Pasquini & Bini
    Food & Agriculture · since 2021

People

  • Roberto Giudici
    CEO and Co-Founder · source
  • Anna Guglielmi
    Managing Partner and Co-Founder · source
  • Jacopo Belfatto
    Investment Manager · source
  • Gianluca Croci
    Investment Associate · source
  • Martina Corradino
    Investment Analyst · source
  • Alessandro Elli
    Back Office Manager · source

Links

Frequently asked questions

Entangled Capital is a private equity fund based in Milan, Italy, founded in 2019.

Yes. Entangled Capital invests its own capital in private companies.

Entangled Capital invests at Growth and Buyout stages in Industrial & Manufacturing, Food & Agriculture and Consumer & E-commerce.

Key people at Entangled Capital include Roberto Giudici (CEO and Co-Founder), Anna Guglielmi (Managing Partner and Co-Founder), Jacopo Belfatto (Investment Manager) and Gianluca Croci (Investment Associate).

Entangled Capital's investments include Alphial, SIPA International, Tecnomaster, FBL, Airpower, Turatti & Tecnoceam and Pasquini & Bini.

The most recent publicly reported investment by Entangled Capital is Sipa International (Martino) (Majority stake, 51% (EC I fund)), announced in Oct 2024.

Yes. Entangled Capital manages capital from outside investors.