we receive e we publish the following statement Press spread by Renaissance Partners.
With the purchase of the majority from Neuberger Berman, the senior management team of Renaissance Partners and Aurora Growth Capital becomes independent. The new project, presented today in Milan by the founder and managing partner Fabio Canè during the first Annual Press Day, sees Renaissance Partners (formerly NB Renaissance) and Aurora Growth Capital (formerly NB Aurora) together in the most relevant private equity investment platform in Italy. Neuberger Berman remains a minority partner with 10% and continues to contribute to the project, in particular on the internationalization of the companies in the portfolio.
From the current 3,3 billion euros of capital raised, Canè said, the platform's goal is to reach 2026 billion by the end of 5,5. Looking ahead, the completion of the investment strategy in other areas such as private credit is being studied. "We want to present ourselves - said Fabio Canè - as the most important Italian operator in investments in private markets. In Italy today there is no alternative investment platform serving the country. I am convinced that the aggregation of excellent teams in different investment areas determines cost synergies, the exploitation of combined investment opportunities and facilitates the relationship with investors by offering more complementary investment opportunities".
The key numbers from which the new platform starts are: 3,3 billion euros of capital raised; 43 professionals with a consolidated track record in the market (“We are by far the largest private equity team dedicated to Italy”, Canè underlined); 67 investments (23 currently in the portfolio, 44 completed) and 130 add-ons (acquisitions made by companies in the portfolio of Renaissance and Aurora); over 6 billion in aggregate revenues of the investee companies; 26 thousand employees (4.500 new jobs created in the last three years).
Renaissance and Aurora have adjacent and complementary investment targets: Renaissance, currently 2,8 billion raised, 33 professionals, is focused on majority investments from 100 to 400 million for each individual investment; Aurora, approximately 500 million euros of assets under management, 10 professionals, is instead focused on investments in partnership with entrepreneurs and management teams, both majority and qualified minority, from 30 to 50 million euros. The new structure has also made it possible to pool all services (legal, compliance and regulatory aspects).
"For investors - Fabio Canè argued - Italy is a unique opportunity: second manufacturing economy in Europe, sixth exporting economy in the world, leadership position in several global niches, companies with high added value and high specialization production. Italian companies have a strong need for generational turnover and managerialization: of the approximately 8 thousand medium-sized Italian companies present on the market, a third will have to face succession problems in the coming years".
Renaissance
Renaissance's investment strategy focuses on leading companies in global niches or local champions in sectors characterized by positive megatrends: digitalization, health and well-being of an aging population with a focus on chronic and rare diseases, circular economy and environmental sustainability and niche companies that are mission critical in the value chain of their industry. The companies in which Renaissance invests have businesses that are not directly correlated with the trend of consumption in the Italian economy, they are all B2B with over 60% of the turnover generated by exports to other markets. Another element that characterizes Renaissance's investment strategy is the consolidation of the sectors in which it invests which are typically very fragmented: this allows the leader exogenous growth through targeted acquisitions.
Renaissance responds to the needs of entrepreneurs who want to continue to be significant shareholders of their companies: we do not make investments if entrepreneurs want to sell 100% of the capital, completely exiting the shareholding, says Canè. Instead, we are the reference partner for entrepreneurs who believe that it is useful for them and their company to be supported by an investor, typically a majority investor, who facilitates the organic and inorganic development of the company, helps it to become more managerial and to exploit opportunities in an increasingly complex competitive context.
Our investment proposition, Canè points out, specifically on the high end of our investment tickets of 300-400 million in equity, has very limited competition in our country because the size of existing Italian operators does not allow them to be active in this type of investment.
Aurora
Aurora focuses on expansion capital investments, supporting the growth of family businesses, leaders in their market niches, which have high growth potential both organically and through acquisitions. For Aurora too, the logic is that of partnership with entrepreneurs and management teams. "We represent the real alternative to the Stock Exchange: when small and medium-sized companies go public, they often find themselves abandoned to their own devices; we continue to support them on their growth path. We do not replace the entrepreneur, but we proactively support him in defining and implementing strategic lines of growth, both organic and through acquisitions, and operational efficiency that are functional to the creation of long-term value for the company and in strengthening the managerial structure, which is often also functional to managing the generational transition”, says Micucci.
“Our target market is very attractive and less competitive: it is made up of excellent small and medium-sized companies that represent the backbone of the Italian economy. These are companies that are largely family-owned, never before invested in by a private equity fund, and that are looking for a partner capable of supporting them in the realization of their growth plans, both organically and through acquisitions”.
Aurora’s acquisitions consist of investments in partnership with entrepreneurs and management teams in companies with a turnover between 30 and 300 million euros. “Even though we are a fund with a generalist investment strategy – Patrizia Micucci specified – we favor investments in these vertical segments: healthcare, made in Italy, environmental & sustainability, tech growth & digital transformation and industrial manufacturing & business services”.
Aurora's investment strategy is reflected in the value creation achieved by the 19 exits already completed, where 80% of the value was created by the industrial growth of the investee companies in terms of revenues and margins. "Thanks to the quality of the companies in the portfolio, despite an unfavorable macroeconomic context - stated Patrizia Micucci - in 2024 Aurora completed three exits, generating solid returns for our investors in line with our track record: Dierre, Club Del Sole (in which we reinvested alongside the Giondi family) and Veneta Cucine. In 2025 we have also already completed the exit of BluVet - a leading operator in the management of excellent veterinary clinics and sold to Ca' Zampa - in addition to another exit that will be finalized in the coming weeks".
