Askéon Capital | Managed Investment Fund Italia | Fondi Investimento PMI

Leadership Team

Managing Partners, Co-Founders & Investment Advisors

With over 60 years of combined experience in private equity, venture capital, and Italian SME investments, the Askéon leadership team brings together global exposure and hands-on operational excellence. Our disciplined approach and strategic vision create unparalleled value for Italian businesses and long-term opportunities for investors. Discover more about our private equity strategy and investment focus.

Umberto Callegari

Strategic CEO | Global Operator | Builder of Long-Term Value

CEO | Investor | Partner for Growth — 20 years of global leadership and multi-sector investing across Microsoft, Accenture, Deloitte, and private investments, helping businesses transform, scale, and preserve their legacy.

Previous roles: Microsoft, Deloitte, Octo and Accenture Leadership, Co-founder Wallife
Current: Chairman of Excursus Group (Data & AI platform)

Misho Ceko

Operator | Strategic Leader | Builder of Institutions

20+ years leading complex organizations across public and private sectors. COO & Senior Associate Dean at University of Chicago Harris School, managing $50M+ budget.

Education: Harvard MPA, Kellogg MBA, UI Bioengineering
Expertise: Large-scale systems reform, institutional building

Corrado Rocchetti

Finance Architect | Scale-up CFO | Operational Transformer

25+ years finance executive specialized in high-growth ventures and scale-up transformations.

CFO/COO roles: E4Life, Wallife, 24ORE Business School
Core expertise: Scale-up strategy, fundraising, M&A execution

Strategy

Focused. Operational. Aligned.

We invest through qualified minority or leadership minority stakes in Italian SMEs that demonstrate high potential. Our process:

Investment Thesis

Strategic minority stakes (up to 20%) with leadership roles
Entry valuations ~6x EBITDA → target exit 10–12x
Focus on €3–30M revenue SMEs with 5–10% EBITDA, scalable to 20–25%
Strategic potential: investing in industries serving national growth and stability

Sustainability as Stewardship

Sustainability = stewardship of heritage, governance, and capital
Continuity for families, ethical leadership for employees
Technology & financial discipline to ensure resilience

What Makes Our Model Different

We do not require majority control
Progressive aggregation: validate synergies before scaling
Value creation via margin expansion + multiple re-rating, not only growth
Alignment: owners keep legacy, investors earn disciplined long-term returns

Our Process

Select & Lead → minority stake + governance
Aggregate & Scale → add complementary businesses
Operational Levers → expand margins with tech & efficiency
Value Re-rating → arbitrage multiples 6x → 10–12x
Exit Strategy → trade sale, PE, or IPO

Investment Strategy

Our disciplined approach combines operational excellence with strategic capital deployment to create sustainable, long-term value.

1 Anchor SME

TARGET: ITALY

(Single acquisition as cornerstone for platform growth.)

€3–30M

REVENUE RANGE

(Target company size)

5–10%

EBITDA MARGIN

(Profitability requirement)

Buy & Build

APPROACH

(Operational improvement + M&A)

Ecosystem Play

SECTOR-FOCUSED INTEGRATION

(To build defensible value chains)

5–10 Years

HOLD PERIOD

(Long-term value creation)

Stable Cash Flow

HEALTHY BALANCE SHEET

(Financial stability requirement)

Loyal Customer Base

RECURRING AND DEFENSIBLE

(Strong market position)

Succession Need

LEADERSHIP TRANSITION OPPORTUNITY

(Generational change)

Strategic Potential

NATIONAL GROWTH ALIGNMENT

(Investing in industries serving national growth and stability.)

Target Returns & KPIs

Our return targets are aligned with long-term value creation and operational excellence.

18%–30%

TARGET IRR

(Internal Rate of Return)

4.0x–7.5x

MOIC

(Multiple on Invested Capital)

≥15%

EBITDA MARGIN TARGET

(from 5–10%)

8–12%

REVENUE GROWTH CAGR

(Compound Annual Growth Rate)

>15%

ROIC

(after year 3)

1–3

ADD-ON ACQUISITIONS

(within 5 years)

Strengths & Ethical Edge

At Askéon Capital, we combine financial discipline with ethical purpose, honoring Italian family heritage while driving long-term growth. We invest in strategic sectors, empowering small and medium-sized enterprises — the true wealth of the country — to create enduring value for both business and society.

Operational Leadership Excellence

20+ years of proven executive experience in operational restructuring, capital allocation, and performance transformation across high-growth and turnaround environments with systematic process optimization.

Heritage & Ethical Stewardship

We invest with the explicit mission of preserving the cultural and industrial legacy of Italian family businesses, ensuring continuity for future generations.

Managerial Operating Framework

A structured governance and operating model designed to professionalize family-owned SMEs, strengthen fundamentals, and support growth without losing their identity.

Institutional Network Access

Deep relationships across private equity, institutional capital markets, and global business networks enabling superior deal sourcing, execution capabilities, and strategic exit opportunities.

Sustainable Value Creation

Rigorous approach to identifying and executing high-conviction opportunities with measurable ROI through operational excellence and sustainable business improvements rather than financial engineering.

Strategic Industries Focus

A disciplined commitment to investing in SMEs within industries of national relevance, reinforcing systemic growth and long-term stability. We prioritize sectors that safeguard economic heritage and enhance competitiveness, creating enduring value that transcends short-term financial gains.

Italian Industrial Heritage Opportunity

A Search Fund for the Systemic Regeneration of Family-Owned Italian SMEs

Italian SMEs generate 63% of the national added value and contribute over €1.3 trillion to Italy's GDP. Yet, the vast majority of these businesses have never benefited from structured capital, professional management, or scalable growth strategies. The segment of 80,000 SMEs with €3M to €30M in revenue now represents the most concrete lever to transform untapped industrial potential into real, sustainable value.

Why Italy, Why Now

Italy is at a once-in-a-generation inflection point: succession gaps, low private capital penetration, and valuation arbitrage make this the ideal entry window.

€2.1T

GDP THIRD LARGEST

(Economy in Eurozone)

2nd

MANUFACTURING BASE

(Largest in Europe)

3.5M

TOTAL SMES

(Across all sectors)

85%

FAMILY LED

(2.9M family businesses)

630K

GENERATIONAL CHANGE

(SMEs facing transition soon)

250K+

MANUFACTURING SMES

(120K changing hands in 5 years)

60%

OWNERS OVER 60

(Only 25% have succession plans)

6.3x

EBITDA MULTIPLES

(vs. 9-11x in UK/France/Germany)

80K

TARGET RANGE SMES

(€3M-30M revenue)

Generational

TRANSITION UNDERWAY

(Favorable valuations)

63%

SME VALUE ADDED

(€1.3T contribution)

Why Value Chains in Italy

Italy's SME landscape is structurally fragmented. By integrating adjacent nodes within a sector—suppliers, producers, brands, and channels—we turn isolated excellence into scalable industry platforms with superior margins and durability.

Sector Focus

Italy offers a rare blend of heritage, industrial excellence, and global brand power. We focus on sectors where Italy leads the world — and where operational expertise and long-term capital can unlock exponential value.

Luxury & Heritage Brands

Scalable, export-ready fashion and lifestyle businesses with iconic DNA.

Opportunity: International expansion, digital scaling, repositioning.

Agri-Food & Wine

Producers of high-quality, traceable Italian products with global demand.

Opportunity: Brand building, export growth, supply chain efficiency.

Precision Manufacturing

Cash-generative SMEs with technical know-how and strong B2B positioning.

Opportunity: Operational optimization, succession, international scale.

Healthcare & Wellness

Nutraceuticals, dermocosmetics, and medical devices in high-growth niches.

Opportunity: Channel expansion, regulatory enablement, ESG alignment.

Hospitality & Experiential Assets

Boutique hotels, wine estates, and real estate tied to Italian lifestyle.

Opportunity: Yield generation, asset repositioning, brand storytelling.

Design & Interiors

Premium design brands in furniture, lighting, and architecture.

Opportunity: Export acceleration, e-commerce, global partnerships.

AI & Data

Artificial intelligence, big data, and intelligent infrastructures powering the next wave of competitiveness.

Opportunity: Market expansion beyond €1B, innovation for underserved SMEs and industries, infrastructure leadership (cloud, data centers, governance), and strategic alignment with EU incentives and AI Act.

Get In Touch

Askéon is active in Milan, Singapore and Chicago. We welcome inquiries from accredited investors, family offices, and qualified strategic partners aligned with our long-term vision.

Investment Focus

Companies with $1.5M–$4M EBITDA

Mid-market businesses with proven profitability and growth potential

Funding Scope

Asia, Europe, and North America

Global funding opportunities to unlock Italian Industrial excellence

Fund Structure

Institutional-grade Search Fund Platform

Aligned interests with long-term value creation focus

Partner With Us.

Are you an Italian SME with high growth potential? Let's discuss how our strategic partnership can accelerate your growth while preserving your heritage.

Get In Touch

Frequently Asked Questions - Private Equity & Venture Capital Italia

What is Askéon and what does it represent?

Askéon represents our strategic vision and leadership approach in private equity and venture capital Italia. Askéon embodies forward-thinking investment strategies, innovative value creation, and strategic partnerships with Italian SMEs. The Askéon brand focuses on identifying exceptional growth opportunities and providing strategic guidance to transform Italian businesses into market leaders. Learn more about our Askéon leadership team.

What is Askesis and how does it complement Askéon?

Askesis represents our disciplined execution and operational excellence philosophy. While Askéon provides the strategic vision, Askesis ensures rigorous implementation, disciplined capital allocation, and systematic value creation processes. Together, Askéon and Askesis create a comprehensive approach: Askéon identifies the opportunities, Askesis delivers the results through proven operational methodologies and disciplined investment practices. Discover our integrated Askéon-Askesis methodology.

Why choose Askéon and Askesis for Italian private equity investments?

Askéon and Askesis represent the perfect combination of visionary strategy and disciplined execution for Italian SME investments. Askéon brings deep market insights and innovative growth strategies, while Askesis ensures systematic implementation and operational excellence. This dual-brand approach provides Italian businesses with both the strategic vision to compete globally and the operational discipline to achieve sustainable growth. Askéon and Askesis together deliver superior returns for investors while preserving Italian business heritage. Contact us to learn more about the Askéon-Askesis advantage.

What is Private Equity for Italian SMEs?

Private Equity Italia focuses on investing in Italian SMEs (PMI) through strategic minority or majority stakes. Our fondi yatırım PMI Italia provide capital, operational expertise, and strategic guidance to help Italian small and medium enterprises grow and scale internationally. Contact our private equity team for more information.

How does Venture Capital work for Italian startups?

Venture Capital Italia specializes in high-growth Italian startups and scale-ups. As one of the leading VC funds in Italy, we provide early-stage and growth capital to innovative Italian companies with strong scalability potential, particularly in tech, fintech, and digital transformation sectors. Explore our sector focus.

What are the best investment funds for Italian SMEs in 2025?

The best fondi yatırım PMI Italia in 2025 combine deep operational expertise with patient capital. Look for funds with proven track records in Italian SME investments, strong sector expertise, and alignment with long-term value creation. Our investment approach focuses on sustainable growth and operational excellence for Italian middle-market companies.

How to choose between Private Equity and Venture Capital in Italy?

Choose Private Equity Italia for established SMEs with proven business models and stable cash flows seeking growth capital or strategic transformation. Choose Venture Capital Italia for high-growth potential startups or scale-ups in innovative sectors. Our expertise spans both models, allowing us to provide the right capital structure for each Italian company's specific needs.

What sectors do you focus on for PMI investments in Italy?

Our fondi yatırım PMI Italia focus on sectors where Italy has competitive advantages: luxury & heritage brands, precision manufacturing, agri-food & wine, healthcare & wellness, hospitality, design & interiors, and AI & data. These sectors represent the core of Italian industrial excellence and offer exceptional value creation opportunities.