May 2026
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Largest Asset Management Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
Azimut Group, Anima Holding, Tamburi Inv Partners, Immobiliare Grande Distribuzione and Next Re SIIQ.
 | Azimut Holding SpA is a large independent asset management firm operating primarily in Italy but with an increasingly global presence. In Italy, its capital management division sells and manages Italian mutual funds, Italian hedge funds, and is active in the discretionary management of individual investment portfolios. Its international business operations involve the sale, management, and distribution of financial and insurance products. Its portfolio solutions encompass a broad array of strategies that cut across various traditional and alternative asset classes. A majority of its revenue is derived from recurring fees from assets under management. | $40 | +29% | $6B | $5B | 3.1x | 6.2x | ||
| Anima Holding SpA is one of the Italian independent asset management operators. Anima's offering is composed of Italian mutual funds, open-ended umbrella funds domiciled in Ireland and Luxembourg, and pension funds. The company also offers institutional and private pension funds, as well as private wealth and institutional asset management services. | $8 | +20% | $3B | $2B | 1.5x | 5.1x | ||
| Tamburi Investment Partners SpA is an independent investment merchant bank. It is engaged in minority investments and advisory in corporate finance transactions. The company involves in listed and unlisted companies as a shareholder for the transactions below certain benchmarks and also in corporate finance operations in particular acquisitions and sales through the division. | $10 | +15% | $2B | $2B | 155.0x | 26.2x | ||
| Immobiliare Grande Distribuzione SiiQ SpA is a real estate company that owns and manages a portfolio of shopping centers in Italy and Romania. The company's portfolio mainly consists of shopping centers, hypermarkets, supermarkets, and galleries. In addition, the firm also acts as a service provider, providing agency management and piloting, and facility management services to third parties, and is involved in trading activity concerning the sale of residential units built within the Porta a Mare project in Livorno. The company operates in three main business segments: Core business properties, which generate maximum revenue, Services, and the Porta a Mare Project. Geographically, it derives key revenue from Italy. | $5 | +44% | $567M | $929M | 6.0x | 8.1x | ||
| Next Re SIIQ SpA is a real estate company. It is focused on investment in and enhancement of high-quality real estate rental assets located in the main Italian cities and diversified by office and retail segments. The company y manages a portfolio consisting of office, hotel, and commercial properties and is focused on asset classes that are aimed to meet the needs of new patterns and styles of real estate use, which reflect the economy and society's characteristics of access, utility, and experience. The categories engaged to look at Life-cycle Living & Hospitality, Leisure & Wellness, Smart Office Space, and Omnichannel Retail & Distribution. | $3 | -6% | $76M | $76M | 14.7x | 56.5x | ||
| Smart Capital SpA is a permanent capital industrial holding company specializing in private investments in public equity (PIPE) and private equity, focusing on small and medium-sized Italian companies, listed, unlisted or in the pre-IPO phase, operating both in Italy and abroad. It is characterized, also in its investment approach, by an entrepreneurial and longterm DNA. The company's main activity consists of acquiring shares and other financial instruments that allow the purchase or subscription of shares, including in the context of capital increases, at the time of listing or subsequently (such as the PIPE), reserved placements, public subscription and sale offers. | $2 | -5% | $60M | $81M | 65.1x | 7.3x | ||
| Cube Labs SpA operates as a venture builder that enables innovation in the healthcare technology space. The company is engaged in attracting sources of financing and providing entrepreneurial and operational support to the companies to develop healthcare technologies for the market. | $3 | +8% | $60M | $63M | 25.7x | (161.4x) | ||
| H-Farm Ventures SpA supports the creation of new business models through investments in start-ups, enables digital transformation by providing innovative methods and approaches in digital education. | $0 | +14% | $47M | $25M | 0.6x | 0.6x | ||
| Mexedia SpA is a tech company operating in the telecommunications and business services sector. It works to establish an authentic and continuous relationship between brands and people, offering technological services to automate processes and putting technologies at the service of Sales, Marketing, and Customer Care. It offers electronic voice and SMS termination services and sells enterprise products in the messaging market. | $8 | +7% | $46M | $50M | 0.4x | (2.9x) | ||
| RedFish LongTerm Capital SpA is an industrial holding company specializing in the acquisition of shares in family-run Italian SMEs. The company acquires qualified minority or majority shareholdings with the intention of maintaining these investments over a long period of time, either through its investment or through club deal structures, with the involvement of other investors. The role of the company in the ecosystem of its subsidiaries is to support them in increasing some critical areas by providing them with support services to managers for the financial side, management control, and debt optimization, but above all, advisory services for the acquisition of Target Companies to pursue the development plan for external lines. | $1 | +3% | $39M | $92M | 1.1x | 9.1x | ||
| Enrys Island SpA Societa Benefit offers complete incubation and acceleration platform offering a wide range of services through several branches (nodes) strategically placed in different countries. It aids startups to develop and scale up through custom incubation and acceleration programs. The firm provides all the resources and services needed to integrate Concepts, Competencies, and Capital according to its Model: seed capital, mentoring, training, and events, all geared toward gaining full-blown investments. | $107 | -16% | $28M | $28M | 40.0x | 239.0x | ||
| Zest SpA formerly LVenture Group SpA is a holding company. It operates in the Private Equity and Venture Capital and provides financial support for the development of StartUp, bringing also a network of relationships and high sectoral expertise. | $0 | -26% | $28M | $33M | 3.4x | 166.7x | ||
| Innovative-RFK SpA is an investment fund investing in inventive Italian Small and medium-sized enterprises. The company's services include business consultancy services and corporate planning, management and operations consultancy on company policy, planning, organization, efficiency and control, company development and restructuring; consultancy services on marketing management to inventive start-ups and Small and medium-sized enterprises. | $2 | +18% | $18M | $18M | 40.1x | 10.4x | ||
| Copernico Sim SpA is an Italy-based financial consulting firm. It focuses on providing the following services; investment advisory services in Italy with the placement of financial and insurance products, spot analysis, portfolio analysis, wealth consulting, and personalized investment consultancy services. | $8 | +10% | $17M | $16M | 1.4x | 21.6x | ||
| Rigsave SpA is engaged in providing consulting and portfolio management services and acts as a distribution partner in the sale of structured products by its customers. The company also provides wealth management services. | $5 | +28% | $15M | $15M | 25.8x | 113.5x | ||
| Atlantic 1 - Fondo Comune di Investimento Immobiliare Chiuso is a closed-end real estate investment fund. It operates approximately 7 properties for office use, 1 property for use as a canteen use, and 38 properties for commercial use. It is used by both private and institutional investors. | $20 | -87% | $11M | ($7M) | (0.6x) | 0.3x | ||
| 4AIM SICAF SpA is an investment company. It is engaged investing in listed companies. The group represents for institutional investors an efficient tool and an excellent opportunity to invest in Italian SMEs. | $66 | -8% | $5M | $5M | (4.0x) | - | ||
| Mit Sim SpA is involved in Specialist activities, Order Reception and Transmission Activities, Placement Activities, and Euronext Growth Advisor Activities. | $2 | -33% | $4M | $2M | 0.4x | (3.8x) | ||
| CrowdFundMe SpA is engaged in the management of an equity financing platform. The platform allows start-ups and small and medium-sized companies to diversify their types of investors, thus offering private and professional investors the opportunity to invest in these companies. | $1 | -9% | $2M | $2M | 1.2x | (3.7x) | ||
| Bestbe Holding is an investment company that specializes in acquiring shares in small and medium-sized businesses operating in the following sectors: industrial (fabrication of plastic products), textile (production of threads, fabrics, and clothing), and financial (financial consulting, financing for industrial projects, etc.). | $0 | -44% | $694K | $3M | 217.5x | (2.7x) | ||
| Median | $4 | +5% | $33M | $31M | 3.3x | 7.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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