Information on the target
Azimut and LIFTT have successfully completed a strategic partnership that transforms the Turin-based venture capital firm, specializing in deep tech, into LIFTT SCA-SICAV-RAIF, a Luxembourg-based evergreen fund dedicated to frontier technologies. The fund has an initial capital of approximately €140 million and already boasts a portfolio comprising 59 companies across Italy, Europe, and the United States. The new vehicle will be managed by Azimut Investments S.A., which will oversee management, investment and divestment decisions, and risk management.
This operation has been in preparation for several months, with new investments expected to commence in the coming weeks. The semi-annual report for 2026 from Azimut indicates that on June 11, Azimut Enterprises Srl acquired 100% of LIFTT Tech Partners Srl for €2.6 million. This acquisition formally integrates the operational team of LIFTT into the Azimut Group, maintaining its headquarters in Turin and assuming the role of exclusive strategic advisor to Azimut Investments for the new fund.
Industry overview in the target’s specific country
The Closed End Funds industry in Italy has seen significant evolution in recent years, driven by a growing appetite for alternative investment vehicles among institutional and retail investors. Closed-end funds, which raise a fixed amount of capital through an initial public offering and then trade on stock exchanges, offer unique advantages such as the ability to invest in illiquid assets and a fixed capital structure that can enhance long-term investment strategies.
In Italy, the regulatory framework governing closed-end funds has been increasingly favorable, with the introduction of more flexible investment guidelines and tax incentives aimed at attracting both domestic and foreign capital. This has led to a proliferation of closed-end funds focusing on various sectors, including real estate, private equity, and venture capital, particularly in high-growth areas such as technology and renewable energy.
Moreover, the Italian market has witnessed a shift towards evergreen fund structures, which allow for continuous capital raising and reinvestment of proceeds from exits. This model is particularly well-suited for the deep tech sector, where the timeframes for technology commercialization are typically longer than those associated with traditional venture capital investments. As a result, closed-end funds in Italy are increasingly positioning themselves to capitalize on the growing demand for innovative technologies and sustainable solutions.
As the market matures, competition among closed-end funds is intensifying, prompting firms to differentiate themselves through specialized investment strategies and enhanced operational capabilities. The partnersh…