Arcadia SGR, independent and management-controlled, makes investments in small and medium-sized Italian companies.

In 2009 Arcadia obtained authorisation from the Bank of Italy to operate as a fund management company and has been included in the Special Register of Management Companies at position n. 121.

In 2012, Arcadia completed the closing of “Arcadia Small Cap Fund”, a closed-end fund that includes such investors as the European Commission, through funds managed by the European Investment Fund.

In 2017 Arcadia has started the operations of Arcadia Small Cap II, with the renovated support of the European Investment Fund.

In 2022 Arcadia has established its third fund, Arcadia Sustainable Capital III, placed in Art. 8 of SFDR.

Arcadia’s approach in the management of its investment portfolio mirrors that of a holding company with direct control over its various subsidiaries. Arcadia’s management team and Operating Partners maintain a constructive and active presence within the companies in which Arcadia is invested.

Arcadia’s Financial Controller acts as a supervisor of the portfolio companies’ CFOs, contributing to the improvement of their control and reporting systems.

Arcadia’s goal is to create value in the invested companies by focusing on business strategy, improving performance and strengthening the management team. This is achieved through the introduction/improvement of business intelligence tools.



The Board of Directors is responsible for the investment and divestment decisions of the funds under management. The members of the Board of Directors are:

Guido Belli
Simone Arnaboldi
Luca Maria Ravano
Giovanni Barbujani
Stefano Piras
Stefano Ronchi
Non Executive Director
Luigi Giorgio Gilli
Non Executive Director


Giorgio Pellati
President of the Board of Auditors
Giuseppe Scibetta
Daniela Caporicci


Arcadia’s Operating Partners are a group of senior managers who possess complementary skills, developed across an array of industries, and who have achieved impressive track records in managing companies’ growth, also for Private Equity investors. The role of the Operating Partners is to be originators of investment opportunities,be members of the due diligence team and join the boards of portfolio companies as executive or non-executive directors, assisting management in the implementation of the business strategy. The Operating Partners act as co-investors alongside Arcadia on the transactions in which they are directly involved.

The members of the Operating Partners group are:

Walter Benati
Alberto Benedusi
Alberto Frausin
Consumer Goods
Giorgio Mancarella
Financial Controller
Paolo Opromolla
Giorgio Pucci
Technology and Services
Franco Rigamonti


Arcadia counts on a solid group of both Italian and international institutional investors: Pension Funds, Bank Foundations, Banks and leading Family Offices. The main foreign investor is the European Investment Fund (, controlled by the EIB (European Investment Bank) and the European Commission. Arcadia Small Cap is supported by the European Union through the “Competitiveness and Innovation Framework Programme” (“CIP”), while Arcadia Small Cap II is part of EFSI (European Fund for Strategic Investments).

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