Private Equity FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

Style Capital

Also known as Style Capital SGR S.p.A., Style Capital SGR, DGPA SGR S.p.A.

Milan SGR (formerly DGPA SGR) managing private equity funds that invest in lifestyle, fashion and luxury brands with €20–200M revenue; current funds Style Capital I and II.

HEADQUARTERS: Milan, Italy
FOUNDED: —
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 11 people

FOCUS

STAGES: GrowthBuyout
SECTORS: Consumer & E-commerce
ASSET MIX: Private equity
GEOGRAPHY: —

WHAT IT IS

Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.

ABOUT

Style Capital SGR S.p.A., formerly DGPA SGR S.p.A., is a Milan asset management company authorised by the Bank of Italy on 16 September 2005 and registered as an AIF manager at no. 78. It promotes and manages closed-end funds investing in lifestyle, fashion and luxury companies; after DGPA Capital and Style Capital I it closed its third fund, Style Capital II, in September 2023. The company reports 13 investments, of which 6 divested, including Golden Goose, Twinset, Zimmermann and LuisaViaRoma.

INVESTMENT THESIS

Companies with €20–200M revenue in lifestyle sectors, with focus on community-driven fashion and luxury brands that have strong brand identity, in-house creative know-how, international footprint (Italy under 50% of sales) and DTC/digital and retail growth plans. Majority or minority stakes via capital increases, share purchases and low-leverage buyouts; average equity ticket €40M (€20–70M), 6–8 investments per fund, 4–6 year holding; no geographic limitation.

PORTFOLIO (13)

ZimmermannNOTABLE
Consumer & E-commerce · since 2023
Golden GooseNOTABLE
Consumer & E-commerce · since 2013 · Exited
Twinset (Light Force S.p.A.)NOTABLE
Consumer & E-commerce · since 2008 · Exited
Autry
Consumer & E-commerce · since 2024
Soeur
Consumer & E-commerce · since 2023
U-Power
Consumer & E-commerce · since 2023
LuisaViaRoma
Consumer & E-commerce · since 2021 · Exited
RE/DONE
Consumer & E-commerce · since 2018
MSGM
Consumer & E-commerce · since 2018
forte_forte
Consumer & E-commerce · since 2017
Sundek (Kickoff S.p.A.)
Consumer & E-commerce · since 2008 · Exited
Casa Damiani
Consumer & E-commerce · since 2008 · Exited
Essential Parfums
Consumer & E-commerce · since 2026

TEAM

Roberta Benaglia
CEO · source
Massimiliano Caraffa
Managing Partner & Chief Investment Officer · source
Filippo Cavalli
Partner · source
Francesca Grosso
Director · source
Filippo Prini
Director · source
Matteo Nulli
Director · source
Federica Murgolo
Investment Manager · source
Diego Francesco Tonelli
Associate · source
Alessia Ruggi
Analyst · source
Lorenzo Marini
Analyst · source
Laura Savarino
CFO · source

FAQ

Style Capital is a private equity fund based in Milan, Italy.

Yes. Style Capital invests directly in private companies.

Style Capital invests at Growth and Buyout stages in Consumer & E-commerce.

Style Capital's stated ticket size is €20M–€70M.

Key people at Style Capital include Roberta Benaglia (CEO), Massimiliano Caraffa (Managing Partner & Chief Investment Officer), Filippo Cavalli (Partner) and Francesca Grosso (Director).

Style Capital's investments include Zimmermann, Golden Goose, Twinset (Light Force S.p.A.), Autry, Soeur, U-Power, LuisaViaRoma and RE/DONE, among others.

The most recent publicly reported investment by Style Capital is Essential Parfums (Minority stake (founders keep majority)), announced in Jul 2026.

Yes. Style Capital manages capital from outside investors.