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Private Equity FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 7 SOURCES

First SICAF

SICAF promoted by and part of the investment-firm group of First Capital S.p.A.

Also known as First SICAF S.p.A., Value First SICAF, First Società di Investimento per Azioni a Capitale Fisso

Milan self-managed SICAF of the First Capital group making PIPE and pre-IPO investments, typically qualified minority stakes, in Italian SMEs listed or preparing to list.

HEADQUARTERS
Milan, Italy
FOUNDED
2016
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
7 people

Focus

STAGES
Growth
SECTORS
Industrial & ManufacturingConsumer & E-commerceDeep TechClimate & EnergyFood & Agriculture
ASSET MIX
Private equityPublic equitiesDirect investments
GEOGRAPHY
Italy

Overview

First SICAF S.p.A. is a fixed-capital investment company promoted by the First Capital group and registered with Banca d'Italia as SICAF no. 10 since 2016, formerly named Value First SICAF. It specialises in private investment in public equity (PIPE) and pre-IPO deals in Italian SMEs with strong growth potential, taking qualified minority stakes with board representation and a medium-to-long-term horizon. It operates through a first compartment, Value First 1, and reports about EUR 80 million of assets and 12 portfolio investments; it is also eligible as a “PIR Alternativo” investment.

Investment thesis

Qualified minority stakes in Italian SMEs that lead their niches, are profitable and cash-generative, and are listed or heading to IPO; anchor investor at pre-IPO and IPO, block or market purchases, active governance and support for M&A, internationalisation and generational transitions.

PORTFOLIO (10)

  • Cy4GateNOTABLE
    Deep Tech · since 2020
  • OrseroNOTABLE
    Food & Agriculture · since 2018
  • ErreDue
    Climate & Energy · since 2024
  • Next Geosolutions
    Industrial & Manufacturing · since 2024
  • B&C Speakers
    Consumer & E-commerce · since 2021
  • Cellularline
    Consumer & E-commerce · since 2020
  • Industrie Chimiche Forestali
    Industrial & Manufacturing · since 2019
  • TPS
    Industrial & Manufacturing · since 2018
  • Intred
    since 2018
  • ALA
    Industrial & Manufacturing · since 2021 · Exited (Oct 2025)

People

  • Vincenzo Polidoro
    Partner, Chief Executive Officer · source
  • Renzo Torchiani
    Partner · source
  • Marco Di Lorenzo
    Partner · source
  • Stefano Di Meo
    Chief Financial Officer · source
  • David Coppini
    Investment Director · source
  • Linda Rossi
    Investor Relations Manager · source
  • Tommaso Coppola
    Chair · source

Links

Frequently asked questions

First SICAF is a private equity fund based in Milan, Italy, founded in 2016.

Yes. First SICAF invests its own capital in private companies.

First SICAF invests at Growth stage in Industrial & Manufacturing, Consumer & E-commerce, Deep Tech, Climate & Energy and Food & Agriculture.

Key people at First SICAF include Vincenzo Polidoro (Partner, Chief Executive Officer), Renzo Torchiani (Partner), Marco Di Lorenzo (Partner) and Stefano Di Meo (Chief Financial Officer).

First SICAF's investments include Cy4Gate, Orsero, ErreDue, Next Geosolutions, B&C Speakers, Cellularline, Industrie Chimiche Forestali and TPS, among others.

The most recent publicly reported investment by First SICAF is ErreDue (Investment in Euronext Growth Milan-listed company (Value First 1 compartment)), announced in Nov 2024.

Yes. First SICAF manages capital from outside investors.