DaVinci Growth Capital Fund is a private equity growth capital fund established through a collaboration between RedFish Capital Partners and Alternative Capital Partners SGR (ACP) to support innovative Italian small and medium-sized enterprises (SMEs). The fund targets businesses operating in digital technology, industrial technology, and life sciences and health. Positioned in the underserved small-cap growth capital segment, the fund aims to generate high returns, with an expected annual net internal rate of return exceeding 20%, while supporting the growth and competitiveness of technologically advanced companies in Italy.
The European Investment Fund (EIF), part of the European Investment Bank Group, has committed to investing up to €20 million in the fund. This financing is supported by the InvestEU programme and benefits from the European Scale-up Action for Risk Capital (ESCALAR), an EU initiative designed to attract private capital by improving the risk-return profile of growth investments. The fund, launched at the end of 2025, has a target size of €80 million with a hard cap of €100 million and is continuing its fundraising process with several institutional investors already committed and others currently undergoing due diligence.
The investment strategy focuses on acquiring majority stakes in growth-stage Italian companies that demonstrate strong financial performance, high profit margins, and EBITDA ranging from €1 million to €4 million. Alongside financial investment, the strategy emphasizes operational value creation, stronger corporate governance, and buy-and-build expansion strategies. Around 70% of the fund’s portfolio is expected to contribute to innovation goals, while approximately 15% will support environmental sustainability objectives.
The fund builds on the experience and track record of its management team, which has previously achieved returns on invested capital exceeding 2.5 times and annual returns above 30% through earlier investment vehicles. Previous investments led by the team have resulted in notable improvements in company revenues, profitability, and employment levels, demonstrating the growth potential of supported small and medium enterprises.
The EIF’s involvement also plays a catalytic role by strengthening governance standards, enhancing investor protection, and helping the fund achieve its first closing and attract additional institutional investors. Through the InvestEU guarantee and the ESCALAR instrument, the initiative aims to mobilize additional private capital and expand investment capacity for high-growth companies.
More broadly, the initiative reflects the role of the European Investment Bank Group in directing EU budget resources toward strategic economic priorities such as digital transformation, innovation, and the strengthening of European industrial competitiveness. In 2025 alone, the European Investment Fund invested €687 million in active funds in Italy, marking the highest level of investment recorded in the country.
