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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

Pillarstone

Also known as Pillarstone S.p.A., Pillarstone Italy

Milan turnaround investor founded in 2015 by its management with KKR; buys bank loans and equity in distressed Italian companies (Sirti, Premuda, PittaRosso); Special Capital Fund in 2026.

HEADQUARTERS
Milan, Italy
FOUNDED
2015
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
6 people

Focus

STAGES
Buyout
SECTORS
Industrial & ManufacturingConsumer & E-commerceMobility & Logistics
ASSET MIX
Private equityPrivate credit
GEOGRAPHY
Italy

Overview

Pillarstone is a Milan-based platform set up in 2015 by its management team in partnership with KKR to provide capital and turnaround expertise to Italian companies in financial difficulty. It acquires unlikely-to-pay loans and equity instruments from Italian banks, often through securitisation vehicles and closed-end alternative funds (Fi.Nav, 2019; RSCT, 2020), and then restructures and takes control of the companies. Holdings have included Sirti, Premuda, Magicland, Bluwater, Wellcomm Engineering and PittaRosso (2024), with exits from Cuki, Lediberg, Manucor and Burgo. Its funds are formally managed by IQ-EQ Fund Management (Ireland) with Pillarstone as adviser; in 2026 it held a €100M first close of the Special Capital Fund.

PORTFOLIO (9)

  • SirtiNOTABLE
    Industrial & Manufacturing · since 2016
  • PremudaNOTABLE
    Mobility & Logistics · since 2016
  • Magicland
    Consumer & E-commerce · since 2015
  • Bluwater
    Consumer & E-commerce · since 2020
  • Wellcomm Engineering
    Industrial & Manufacturing · since 2019
  • PittaRosso
    Consumer & E-commerce · since 2024
  • CSM Italy
    Mobility & Logistics · since 2020
  • Burgo
    Industrial & Manufacturing · Exited
  • Manucor
    Industrial & Manufacturing · since 2015 · Exited

People

  • Gaudenzio Bonaldo Gregori
    Chairman and CEO (co-founder) · source
  • Raimondo Bonfanti
    Partner (co-founder) · source
  • Andrea Nappa
    Partner · source
  • Paolo Modenesi
    Chief Financial Officer · source
  • Gilles Quey
    Director, Investment Team · source
  • Andrea Regazzoni
    Director, Investment Team · source

Links

Frequently asked questions

Pillarstone is a private equity fund based in Milan, Italy, founded in 2015.

Yes. Pillarstone invests its own capital in private companies.

Pillarstone invests at Buyout stage in Industrial & Manufacturing, Consumer & E-commerce and Mobility & Logistics.

Key people at Pillarstone include Gaudenzio Bonaldo Gregori (Chairman and CEO (co-founder)), Raimondo Bonfanti (Partner (co-founder)), Andrea Nappa (Partner) and Paolo Modenesi (Chief Financial Officer).

Pillarstone's investments include Sirti, Premuda, Magicland, Bluwater, Wellcomm Engineering, PittaRosso, CSM Italy and Burgo, among others.

The most recent publicly reported investment by Pillarstone is Premuda (Management buy-out of Premuda; Pillarstone stays controlling co-shareholder while the Irish fund Vajolet (which it advises) exits), announced in May 2025.

Yes. Pillarstone manages capital from outside investors.