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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 8 SOURCES

Smart Capital

Also known as Smart Capital S.p.A., SMCAP

Monza permanent-capital holding listed on Euronext Growth Milan since 2024; minority private equity and PIPE stakes in Italian SMEs, with club deals for its 100+ shareholder families.

HEADQUARTERS
Monza, Italy
FOUNDED
—
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
5 people

Focus

STAGES
Growth
SECTORS
Industrial & ManufacturingMobility & LogisticsSoftware & SaaSEducation
ASSET MIX
Private equityPublic equitiesDirect investments
GEOGRAPHY
Italy

Overview

Smart Capital S.p.A. is an evergreen investment holding based in Monza that takes minority private equity and private-investment-in-public-equity (PIPE) stakes in Italian small and medium-sized companies, listed, unlisted or pre-IPO. Its shares were admitted to Euronext Growth Milan (Professional segment) on 22 November 2024; its shareholders include more than 100 entrepreneurial families and some institutional investors, who may co-invest deal by deal through club deals. At 30 June 2026 it reported 19 relevant holdings (8 private equity, 11 PIPE), consolidated equity of €83.4M and NAV per share of €1.90. It has built verticals in mechanics (Smart4Mechanics), logistics (Midolini Group) and SME services (Entera, formerly CrowdFundMe).

Investment thesis

Minority investments in Italian SMEs with long-term growth projects, alongside entrepreneurs and managers; minority private equity, PIPE and co-investments with partners, using only its own capital and offering shareholders optional club-deal co-investment.

PORTFOLIO (10)

  • Midolini GroupNOTABLE
    Mobility & Logistics
  • NewcleoNOTABLE
    Climate & Energy
  • Testbusters
    Education · since 2026
  • Builder (Carnovali, CBS, Tras-Car, Officine Minelli)
    Industrial & Manufacturing · since 2026
  • Guidotti Ships
    Mobility & Logistics · since 2026
  • Entera (formerly CrowdFundMe)
    Fintech · since 2026
  • Smart4Mechanics (Ci-Esse, Cavalli Elettroerosioni)
    Industrial & Manufacturing · since 2025
  • Arterra Bioscience
    Biotech & Life Sciences
  • Marcap
    since 2026
  • Next Geosolutions Europe
    Industrial & Manufacturing · since 2024 · Exited (May 2026)

People

  • Andrea Costantini
    Chairman and CEO, Managing Partner · source
  • Andrea Faraggiana
    General Manager and Managing Partner · source
  • Roberto Francani
    Advisory and Business Development Director, Partner · source
  • Dino Catena
    Value Creation Director · source
  • Michele Vabanesi
    Investment Associate · source

Links

Frequently asked questions

Smart Capital is a private equity fund based in Monza, Italy.

Yes. Smart Capital invests its own capital in private companies.

Smart Capital invests at Growth stage in Industrial & Manufacturing, Mobility & Logistics, Software & SaaS and Education.

Key people at Smart Capital include Andrea Costantini (Chairman and CEO, Managing Partner), Andrea Faraggiana (General Manager and Managing Partner), Roberto Francani (Advisory and Business Development Director, Partner) and Dino Catena (Value Creation Director).

Smart Capital's investments include Midolini Group, Newcleo, Testbusters, Builder (Carnovali, CBS, Tras-Car, Officine Minelli), Guidotti Ships, Entera (formerly CrowdFundMe), Smart4Mechanics (Ci-Esse, Cavalli Elettroerosioni) and Arterra Bioscience, among others.

The most recent publicly reported investment by Smart Capital is Testbusters (Minority stake, about €1.5M mainly in a capital increase (binding agreement signed 4 Oct 2026; closing expected by 31 Oct 2026)), announced in Oct 2026.

Yes. Smart Capital manages capital from outside investors.