About This Fund
Alto Capital V is a EUR 273 million private equity buyout fund managed by Alto Partners SGR, the Milan-based independent fund manager specialising in Italian mid-market private equity. The fund reached its final close in December 2023, representing a 30 percent increase in size over its predecessor Alto Capital IV, which closed at EUR 210 million in 2018. Alto Capital V had an initial first close in October 2022 at EUR 150 million against a EUR 300 million target, before completing fundraising well above its initial target. The fund also benefits from significant co-investment capacity, bringing total firepower to approximately EUR 305 million including co-investment commitments.
The fund's investment thesis is centred on partnering with high-growth, predominantly family-owned businesses in northern Italy with enterprise values between EUR 30 million and EUR 100 million. Alto Capital V targets majority buyout transactions to facilitate generational succession and leadership transitions, and selected minority expansion investments in companies with strong shareholder protections and pre-determined exit routes. Equity tickets range from EUR 20 million to EUR 40 million. Target sectors include Food and Beverage, Design, Luxury and Fashion, Industrial Manufacturing, Pharmaceutical and Healthcare, and Business Services — industries where northern Italian SMEs hold durable competitive advantages in global markets.
Alto Partners SGR applies an active ownership model built on deep sector expertise, comprehensive due diligence, and hands-on portfolio management. The firm supports portfolio companies through internationalisation initiatives, digital transformation programmes, ESG improvements, and selective build-and-buy acquisitions. With over 25 years of private equity activity in Italy, a team combining 217 years of experience, and five fund generations including 52 total investments, Alto Partners is one of Italy's most established independent private equity managers. Alto Capital V marks the continued expansion of the firm's franchise in the Italian mid-market, investing from its sixth generation vehicle in an asset class where it has developed proprietary deal flow and deep management relationships across key northern Italian industrial clusters.