About This Fund
NB Aurora S.A. SICAF-RAIF is a Luxembourg-domiciled, Italian-focused growth capital investment vehicle that provides expansion financing and professional management support to high-potential, family-owned small and medium-sized enterprises (SMEs). Originally established in 2017 as a collaboration between Neuberger Berman — one of the world's largest independent employee-owned investment managers — and the management team that would later become Aurora Growth Capital, the fund was structured as a closed-end Société d'Investissement à Capital Fixe (SICAF) and reserved alternative investment fund (RAIF) listed on Euronext MIV Milan. In March 2025, shareholders approved a transformation of NB Aurora into a semi-liquid evergreen fund structure, resulting in its delisting from the stock exchange.
NB Aurora targets family-owned Italian SMEs operating in niche, export-driven markets with revenues typically between €40 million and €200 million. The fund deploys equity tickets of €20 million to €60 million per investment, acquiring majority stakes and active minority positions in businesses with strong growth potential but in need of capital, governance improvement, and strategic direction. The fund's sector focus spans four primary verticals: Technology Growth and Digital Transformation, Industrial Manufacturing and Business Services, Environmental and Sustainability, and Healthcare. Investments are made with a hands-on, ESG-integrated approach aimed at professionalizing governance structures, accelerating international expansion, and executing targeted buy-and-build strategies within fragmented Italian mid-market sectors. With approximately €500 million in assets under management, NB Aurora has built a portfolio of nine platform investments, with notable entries including Dierre (December 2023) and exits including Club del Sole (March 2024).
Following a management buyout from Neuberger Berman, the NB Aurora team became fully independent under the Aurora Growth Capital brand, joining forces with the NB Renaissance Partners team to form the most significant Italian-led private equity investment platform dedicated to domestic mid-market companies and entrepreneurs.