Primo Ventures officially announces a name change to become Primo Capital SGR S.p.A., marking its evolution as an independent Italian investment platform dedicated to key technology sectors crucial to the country’s economic development. Primo Capital now operates in both the venture capital (VC) and private equity (PE) sectors.
The company began its journey in the digital sector and has since expanded into three new sectors: the space economy with the first VC fund focused on space technologies in continental Europe, the healthcare industry and climate technologies. Sectoral growth was accompanied by a diversification of investment asset classes, which required a new identity for the company, leading to the birth of Primo Capital.
With more than EUR 500 million in committed assets, Primo Capital supports innovation with a team that today comprises around 30 professionals working in four specialised verticals and is supported by a qualified back-office team. With a portfolio of more than 55 companies that have collectively raised more than EUR 500 million and employ more than 1,500 people. Primo Capital aims to further boost Italian and European competitiveness and productivity through investments in innovation and technology and has a governance structure ready to build further funds, starting with the launch of the second fund dedicated to the space economy.
Primo Capital is supported by a diversified pool of more than 25 professional investors, including pension and retirement funds, companies and corporations, family offices and institutional bodies. As an advocate of responsible investment, Primo Capital is also committed to achieving ambitious ESG goals. Following the publication of its first ESG report in 2024, the company signed up to the Principles for Responsible Investment (PRI), reinforcing its commitment to making a significant social and environmental impact.
“With the launch of Primo Capital, we are inaugurating a new phase in our journey, with an increasingly strong focus on the consolidation, structuring and management of our funds and the performance of what we have built to date,” comments Antonio Concolino, managing director of Primo Capital SGR (pictured here with fellow founders Gianluca Dettori and Franco Gonella) in a note. “Over the last ten years we have contributed to the birth of venture capital in Italy, and today Primo Capital continues its evolution, establishing itself as a reference platform for technology investments in Italy. We look to the next twenty years with the goal of continuing to actively contribute to Italy’s economic development, strengthening our international positioning and creating value and opportunities for both our investors and the national technology ecosystem’.
The Primo Health Fund
Primo Capital’s new private equity fund, Primo Health, has a target of EUR 120 million and will invest in small and medium-sized enterprises (SMEs) in the healthcare sector. The fund adheres to Article 8 of the SFDR, placing a strong emphasis on Sustainable Development Goal 3, Good Health and Well being.
Healthcare is a key segment of the economy and a countercyclical and resilient investment class, this sector accounts for about 10% of European GDP and enjoys secular growth trends. An ageing population, technological innovation and pressure on public healthcare systems are the factors behind the sector’s secular growth. Historically, PE funds investing in this sector have achieved returns above the average of generalist PE funds. Primo Health reached its first closing at EUR 64 million and is backed by three top professional investors: the European Investment Fund (EIF), the Italian Investment Fund and the ENPAM Foundation. The management team consists of Andrea Pavero, Carlo Vanoli and Emiliano Tonelli, can draw on more than 70 years of combined experience and solid expertise in both private equity and the healthcare sector, their track record is demonstrated by a return of more than 2.5 times on invested capital and an IRR of 25 per cent, and they benefit from the GPs’ more than 15 years of industrial experience in the healthcare sector.
Alessandro Tappi, chief investment officer of the EIF, comments: “The EIF is excited to participate in the first closing of Primo Health to support SMEs and small mid-caps that develop and improve solutions in relation to the diagnosis and treatment of diseases as well as their prevention. The EIF’s investment under InvestEU aims to support these companies, which contribute to innovation and increased competitiveness of the European healthcare sector, which are key objectives of the European Union”.
“The Fondo Italiano, with its funds of funds dedicated to private equity investments, has supported the development of the Italian private equity landscape. Primo Health, in which Fondo Italiano has invested as cornerstone investor, allows Primo Capital to expand its offering. Our investment in Primo Health represents our further contribution to the expansion of growth opportunities for small and medium-sized Italian companies operating in the distinctive healthcare vertical, a sector of excellence in our country, offering our investors the opportunity to capture attractive returns,” adds Luigi Tommasini, Head of Strategic Initiatives at Fondo Italiano d’Investimento.
‘Investments in the Italian healthcare sector logically represent an important share of national private equity because of their strategic value and potential impact on the growth of the medical and dental professions,’ concludes Alberto Oliveti, president of the ENPAM Foundation.
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