P101 SGR announces final closing of "Programma 103" at €250 million
P101 SGR S.p.A., a leading Italian venture capital player with an international focus, finalised Programma 103 fundraising at €250 million.
P101 SGR S.p.A., a leading Italian venture capital player with an international focus, finalised Programma 103 fundraising at €250 million.
Milan, April 22, 2025
The final close was reached in recent weeks with an additional capital raise of €100 million. This included €35 million commitment from CDP Venture Capital SGR via Digital Transition Fund – PNRR, which makes use of EU resources through NextGeneration EU initiative to foster SMEs digital transition.
Thus, the Fund welcomes new investors, both private and institutional, with some entering the venture capital asset class for the first time via P101. Notable new LPs include Inarcassa, ISP Group Pension Fund, Enpam and Compagnia di San Paolo, joining who already believed in firm’s mission such as Azimut, CDP Venture Capital, European Investment Fund, Cassa Nazionale di Previdenza e Assistenza Forense, Banco BPM, Banca Sella, UniCredit and many family offices.
“This closing is particularly meaningful for P101. It confirms the renewed trust of our long-standing investors and the growing interest in venture capital from newcomers, who decided to invest for the first time by P101. This is a positive signal, not only for us but for the broader Italian ecosystem”, declared Andrea Di Camillo, Founder and Managing Partner of P101. “Over the past decade, the VC sector has shown resilience, with €9 billion invested in startups - as highlighted in our recent State of Italian VC report. Nowadays, patient capital is essential to drive long-term innovation, and we are grateful to all investors supporting our vision.”
“We are very pleased, as CDP Venture Capital, to invest in Programma 103 by P101 SGR, a key player in digital space, acknowledged by the industry”, said Enrico Filì, Head of CDP Venture Capital's Digital Transition fund. “We firmly believe in team’s specific skills and growth plans. With this investment, we are fuelling PNRR resources into a proven reality that will foster the development and growth of new digital companies”.
P101 SGR's total assets under management reach approximately €500 million, across the vehicles Programma 101, Programma 102 and the newly closed Programma 103, partly backed by the European Union through the InvestEU Fund.
Programma 103 focuses on early and growth-stage investments, with an average ticket size of €5 million. Since inception in April 2023, the fund has already completed 11 investments. Recent additions include Carol Health, Italy’s first fully digital primary care service, and Cosmico, a TaaS (Talent-as-a-Service) platform connecting corporates with freelancers1.
So far, P101 has completed over 290 transactions in 12 years, finalising about 20 exits. The current portfolio consists of 37 active companies, supported by a combination of capital and operational and strategic support.
1The operations were supported by the European Union under the InvestEU Fund.
