About This Fund
Ambienta Small Cap Fund I is a private equity fund managed by Ambienta SGR, the Milan-based investment manager that pioneered environmental sustainability-focused private equity in Europe. The fund marks a strategic return to Ambienta's origins in small-cap investing, addressing an opportunity that has become too early-stage for its flagship mid-cap vehicle, Ambienta IV (€1.55 billion). It targets companies operating in the same environmental framework as larger Ambienta funds but at an earlier and smaller scale, broadening the firm's market reach across the environmental ecosystem.
The fund invests in eight to ten European small-cap companies with revenues up to €150 million and enterprise values in the range of €50 million to €100 million. Like all Ambienta vehicles, the fund applies the firm's proprietary Environmental Impact Analysis (EIA) framework to identify, measure, and actively improve the environmental performance of each portfolio company. The ESG in Action program supports portfolio management. Deployment is led by Partners Francesco Lodrini, Yann Bak, and Giacomo Forti from Ambienta's Milan and Paris offices, with plans to expand across other European locations as the strategy scales.
Ambienta Small Cap Fund I closed in June 2025 at €500 million, surpassing its initial €450 million target due to strong institutional demand. The fundraise demonstrated that environmental sustainability continues to attract premium investor appetite across market capitalizations, and positions Ambienta to cover the full spectrum from small-cap through mid-cap and credit across its integrated European environmental platform. The fund's final close represents Ambienta SGR's third strategy, complementing its mid-cap PE and private credit offerings.