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Private Equity FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 13 SOURCES

FSI

Also known as FSI SGR, FSI S.p.A. - Società di Gestione del Risparmio, FSI SGR S.p.A.

Milan growth equity SGR led by Maurizio Tamagnini investing without leverage in Italian mid-market companies; FSI II closed at about €1.6bn in Feb 2025.

Not to be confused with Fondo Strategico Italiano (CDP's former strategic fund, where the FSI team worked from 2012).

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

FOCUS

STAGES
Growth
SECTORS
FintechSoftware & SaaSBiotech & Life SciencesFood & AgricultureConsumer & E-commerce
ASSET MIX
Private equity
GEOGRAPHY
Italy

WHAT IT IS

Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.

ABOUT

FSI SGR is a Milan-based private equity manager whose team has worked together since 2012, first at Fondo Strategico Italiano. It invests in Italian mid-market companies alongside founding families through active minority or majority stakes, without leverage, to fund transformative growth plans, with a focus on technology/digital-fintech, life sciences and Italian sectors of excellence. Its second fund, FSI II, held its final closing in February 2025 at about €1.6bn from 50 investors, after FSI I of almost €1.4bn.

INVESTMENT THESIS

Active minority or majority stakes with governance rights in Italian mid-market and lower mid-market companies; growth through organic expansion, internationalisation, digital transformation and buy-and-build; limited leverage; exits via trade sales, secondaries or IPOs.

PORTFOLIO (9)

  • BANCOMATNOTABLE
    Fintech · since 2024
  • NumiaNOTABLE
    Fintech · since 2022
  • KedrionNOTABLE
    Biotech & Life Sciences · Exited
  • Casalasco
    Food & Agriculture · since 2025
  • Retex
    Software & SaaS · since 2024
  • Nice
    Industrial & Manufacturing · since 2023
  • Lynx
    Software & SaaS · Exited
  • Adler Group
    Mobility & Logistics · Exited
  • Lumson
    Consumer & E-commerce · Exited

TEAM

  • Maurizio Tamagnini
    Chief Executive Officer · source
  • Barnaba Ravanne
    Co-Managing Partner, Chairman Investment Committee · source
  • Marco Tugnolo
    Investment Director · source
  • Carlo Moser
    Investment Director · source
  • Sergio Tengattini
    Investment Director · source
  • Marco Valcamonica
    Investment Director · source

LINKS

FAQ

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

Yes. FSI invests directly in private companies.

FSI invests at Growth stage in Fintech, Software & SaaS, Biotech & Life Sciences, Food & Agriculture and Consumer & E-commerce.

FSI's stated ticket size is €30M–€250M.

Key people at FSI include Maurizio Tamagnini (Chief Executive Officer), Barnaba Ravanne (Co-Managing Partner, Chairman Investment Committee), Marco Tugnolo (Investment Director) and Carlo Moser (Investment Director).

FSI's investments include BANCOMAT, Numia, Kedrion, Casalasco, Retex, Nice, Lynx and Adler Group, among others.

The most recent publicly reported investment by FSI is Casalasco (Growth equity, in partnership with Consorzio Casalasco del Pomodoro), announced in Jun 2025.

Yes. FSI manages capital from outside investors.