Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 17 SOURCES

HAT SGR

Also known as HAT SGR S.p.A., HAT, Gruppo HAT, HAT Orizzonte SGR, HAT - Holding All Together

Milan private equity manager (SGR) investing in Italian technology SMEs through growth and buy-and-build deals; Hat Technology Fund 5 held an interim close at €155M in July 2026.

HEADQUARTERS: Milan, Italy
FOUNDED: 2007
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 8 people

Focus

STAGES: GrowthBuyout
SECTORS: Software & SaaS Artificial Intelligence Fintech HealthTech Industrial & Manufacturing
ASSET MIX: Private equity
GEOGRAPHY: Italy

Investment arms & vehicles

HAT SICAF S.p.A. (HAT - Holding All Together)
Self-managed SICAF launched in 2008 for club deals; invests in minority stakes in Italian SMEs with €5–75M revenue, technology bias (Hat Sicaf Fund 2, €42.0M commitments)

Overview

HAT SGR is an Italian regulated AIFM founded in 2007 that makes private equity investments in Italian technology companies; it is controlled by managing partners Nino Attanasio (Chairman) and Ignazio Castiglioni (CEO) and has offices in Milan and London. In 2016 it acquired Orizzonte SGR and merged it into HAT SGR. Its funds include Hat FSI (2008), Hat SICAF (2012), Hat ICT Fund 3 (2010), Hat Technology Fund 4 (2017) and Hat Technology Fund 5 (2024), which reached an interim close of €155M in July 2026 against a €200M target. HAT reports €600M invested in 41 companies, over 60 add-ons and 33 exits.

Investment thesis

Profitable Italian technology SMEs with €10–100M revenue, positive EBITDA and margins above 10%, used as platforms for buy-and-build; bias to growth equity on the primary market with qualified minority or majority stakes; focus on software, digital enablers, AI, fintech and automation & robotics.

PORTFOLIO (17)

Safety21NOTABLE
Software & SaaS
GPINOTABLE
HealthTech · IPO
LutechNOTABLE
Software & SaaS
SIANOTABLE
Fintech
WiitNOTABLE
Software & SaaS · IPO
Mech-I-Tronic
Industrial & Manufacturing · since 2025
Webgenesys
Software & SaaS
Advice Group
Software & SaaS
Burke & Burke
HealthTech · Exited
Huma Therapeutics
HealthTech · since 2021
Luisa Via Roma
Consumer & E-commerce
Marval
Industrial & Manufacturing · Majority sold to Azzurra Capital by Hat Technology Fund 4 (2024)
Platum
Mobility & Logistics
Primat
Industrial & Manufacturing
Texor
Software & SaaS
Assist Digital
Software & SaaS
Docflow
Software & SaaS

People

Nino Attanasio
Founder & Chairman · source
Ignazio Castiglioni
Co-founder & CEO · source
Marco Costaguta
Partner · source
Germano Fanelli
Partner · source
Adriano Adriani
Investment Director · source
Manuela Fabbri
Associate · source
Enrico Piacenza
CFO · source
Lorenzo Dall’Oca
Investor Relations & ESG Strategy · source

Frequently asked questions

HAT SGR is a private equity fund based in Milan, Italy, founded in 2007.

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

HAT SGR invests at Growth and Buyout stages in Software & SaaS, Artificial Intelligence, Fintech, HealthTech and Industrial & Manufacturing.

HAT SGR's stated ticket size is €10M–€30M.

Key people at HAT SGR include Nino Attanasio (Founder & Chairman), Ignazio Castiglioni (Co-founder & CEO), Marco Costaguta (Partner) and Germano Fanelli (Partner).

HAT SGR's investments include Safety21, GPI, Lutech, SIA, Wiit, Mech-I-Tronic, Webgenesys and Advice Group, among others.

The most recent publicly reported investment by HAT SGR is Mech-I-Tronic (Private equity (co-investment with Three Hills and Azimut Libera Impresa; Hat Technology Fund 5)), announced in May 2025.

Yes. HAT SGR manages capital from outside investors.