Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

FVS SGR

Private equity management company controlled by (direction and coordination) Veneto Sviluppo

Also known as FVS S.G.R. S.p.A., FVS, Friulia Veneto Sviluppo SGR

Venice (Marghera) private equity SGR controlled by Veneto Sviluppo, managing two closed-end funds (c. EUR 125M) that take mainly minority stakes in SMEs of north-east Italy.

HEADQUARTERS: Venice, Italy
FOUNDED: 2014
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 5 people

Focus

STAGES: GrowthBuyout
SECTORS: Industrial & Manufacturing Food & Agriculture Consumer & E-commerce Software & SaaS Mobility & Logistics
ASSET MIX: Private equityDirect investments
GEOGRAPHY: Italy

Overview

FVS S.G.R. S.p.A. was set up in 2014 as a joint initiative of Veneto Sviluppo (51%) and Friulia (49%), the regional finance companies of Veneto and Friuli Venezia Giulia, and is now subject to Veneto Sviluppo's direction and coordination. It raises private and institutional capital for funds investing in SMEs of Veneto, Friuli Venezia Giulia and Trentino-Alto Adige, mainly through minority stakes supporting growth, acquisitions and generational transitions. Its two funds, Sviluppo PMI and Sviluppo PMI 2, total about EUR 125 million from more than 30 investors, with 15 direct investments and 20 add-ons; a third fund, Sviluppo PMI 3, was in fundraising in mid-2025. The team also advises Veneto Sviluppo on minibond subscriptions for the Fondo Veneto Minibond.

Investment thesis

Mainly minority equity in north-east Italian SMEs, often family-run, facing generational or managerial change, growth by acquisition or business combination, or international expansion; tickets EUR 3–10M.

PORTFOLIO (15)

Candy FactoryNOTABLE
Food & Agriculture · since 2021
IQT ConsultingNOTABLE
Industrial & Manufacturing · since 2022 · Exited (sold to Accenture, 2025)
Biolab
Food & Agriculture · since 2025
Lucaprint
Industrial & Manufacturing · since 2024
Alveo
Software & SaaS · since 2024
Armes
Industrial & Manufacturing · since 2023
Futura Servizi Logistici
Mobility & Logistics · since 2022
CIB Unigas
Industrial & Manufacturing · since 2018
Gourmet Italian Food
Food & Agriculture · since 2021 · Exited (2025)
Elifriulia
Mobility & Logistics · since 2021 · Exited (2025)
Comem
Industrial & Manufacturing · since 2020 · Exited
Holdex
Industrial & Manufacturing · since 2019 · Exited
Exor International
Industrial & Manufacturing · since 2017 · Exited
Brenta P.C.M.
Industrial & Manufacturing · since 2017 · Exited
Partners Associates
Software & SaaS · since 2017 · Exited

People

Diego Tognetti
General Manager, Investments, and Board Member · source
Maurizio Salmaso
General Manager, Operations · source
Luca Briotto
Investment Director · source
Enrico Neri
Investment Manager · source
Fabrizio Spagna
Chair · source

Frequently asked questions

FVS SGR is a private equity fund based in Venice, Italy, founded in 2014.

Yes. FVS SGR invests its own capital in private companies.

FVS SGR invests at Growth and Buyout stages in Industrial & Manufacturing, Food & Agriculture, Consumer & E-commerce, Software & SaaS and Mobility & Logistics.

FVS SGR's stated ticket size is €3M–€10M.

Key people at FVS SGR include Diego Tognetti (General Manager, Investments, and Board Member), Maurizio Salmaso (General Manager, Operations), Luca Briotto (Investment Director) and Enrico Neri (Investment Manager).

FVS SGR's investments include Candy Factory, IQT Consulting, Biolab, Lucaprint, Alveo, Armes, Futura Servizi Logistici and CIB Unigas, among others.

The most recent publicly reported investment by FVS SGR is Biolab (Majority stake (53% of Lion 2 S.p.A.) via Fondo Sviluppo PMI 2, with Banca Ifis as co-investor), announced in Oct 2025.

Yes. FVS SGR manages capital from outside investors.