Koinos Capital SGR
Also known as Koinos Capital, Koinos Capital SGR S.p.A., KOINOS CAPITAL SOCIETÀ DI GESTIONE DEL RISPARMIO S.P.A.
Milan multi-strategy SGR founded by entrepreneurs: majority buy-and-build deals in Italian services SMEs (Koinos Uno), early-stage VC (Italian Founders Fund) and late primaries/co-investments.
- HEADQUARTERS
- Milan, Italy
- FOUNDED
- —
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 10 people
FOCUS
- STAGES
- Pre-SeedSeedSeries ABuyout
- ASSET MIX
- Private equityVenture capitalFunds (as LP)
- GEOGRAPHY
- Italy
WHAT IT IS
Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.
- Venture capital strategy: Italian founders, pre-seed to Series A (€50M debut fund, 2024)
ABOUT
Koinos Capital SGR is an independent Milan-based investment firm founded by Francesco Fumagalli, Marco Morgese and Marco Airoldi and chaired by Beppe Fumagalli. It runs three strategies: private equity buy-and-build platforms built from majority stakes in Italian SMEs (Koinos Uno, vintage 2020, and a 2026-vintage services fund), early-stage venture capital through the Italian Founders Fund (€50M raised in 2024), and late primaries and co-investments with global private equity and private debt managers (2024 vintage). Its partners commit their own capital to every fund it manages, and entrepreneurs reinvest alongside it in its groups.
INVESTMENT THESIS
Private equity: majority stakes in services businesses in large, fragmented markets, aggregated into groups where entrepreneurs reinvest and keep running their companies, with in-house technology and AI. Venture: Italian founders from pre-seed to Series A. Private markets: late primaries and selective co-investments with global PE and private debt managers.
PORTFOLIO (18)
- Tre Zeta GroupNOTABLEIndustrial & Manufacturing · since 2021
- Ventha GroupIndustrial & Manufacturing · since 2026
- MeduspaceEducation · since 2025
- Futur-A GroupIndustrial & Manufacturing · since 2025
- LapiIndustrial & Manufacturing · since 2024
- Rosa ErmandoIndustrial & Manufacturing · since 2022
- Impact Formulators GroupIndustrial & Manufacturing · since 2023 · Exited
- PlatumMobility & Logistics · since 2022 · Exited
- JetHRSoftware & SaaS
- SkillvueSoftware & SaaS
- ComplaionSoftware & SaaS
- CassandraSoftware & SaaS
- GlautArtificial Intelligence
- SalupayHealthTech
- Mama HealthHealthTech
- FleequidSoftware & SaaS
- AquilaClimate & Energy
- Seltz.AIArtificial Intelligence
TEAM
- Beppe FumagalliChairman · source
- Marco MorgeseCEO & Founding Partner · source
- Francesco FumagalliFounding Partner · source
- Marco AiroldiFounding Partner · source
- Lorenzo FranziPartner (Venture Capital) · source
- Roberto De CarloPartner (Private Equity) · source
- Irene MingozziPartner (Venture Capital) · source
- Antonella VismaraCFO · source
- Niccolò CagnoniInvestment Director (Primaries & Co-investments) · source
- Francesco CoreaCTO · source
LINKS
FAQ
Koinos Capital SGR is a private equity fund based in Milan, Italy.
Yes. Koinos Capital SGR invests directly in private companies. It also commits capital to third-party funds as an LP.
Koinos Capital SGR invests at Pre-Seed, Seed, Series A and Buyout stages in Industrial & Manufacturing, Software & SaaS, Artificial Intelligence, HealthTech and Education.
Koinos Capital SGR's stated ticket size is €5M–€15M.
Key people at Koinos Capital SGR include Beppe Fumagalli (Chairman), Marco Morgese (CEO & Founding Partner), Francesco Fumagalli (Founding Partner) and Marco Airoldi (Founding Partner).
Koinos Capital SGR's investments include Tre Zeta Group, Ventha Group, Meduspace, Futur-A Group, Lapi, Rosa Ermando, Impact Formulators Group and Platum, among others.
The most recent publicly reported investment by Koinos Capital SGR is Ventha Group (Gruppo Zini, Seit, Euroeco) (Buyout / platform launch (Koinos Uno)), announced in Jun 2026.
Yes. Koinos Capital SGR manages capital from outside investors.