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The independent asset management company Eureka! Venture, specialized in VC and PE funds, has partnered with Paolo Guida to launch ETA Fund, the first institutional fund of SFs in Italy. Paolo brings over 25 years of international experience in M&A, PE, VC, and strategic consulting. As one of the first serial investors in SFs in Italy, he joins Eureka! Venture as a Partner and key figure in this new initiative. He will be supported by a group of ambassadors: entrepreneurs, CEOs, and experts in areas such as M&A, due diligence, executive search, and business development, who will work alongside searchers in the acquisition and development of SMEs.
ETA Fund was officially presented last week during the first annual conference organized by the School of Management at the Politecnico di Milano. At the event, the university unveiled its first research findings from the newly established SF Observatory and announced its first MBA-level specialized course on the topic. The study analyzed 29 Italian SFs, of which 11 have already completed acquisitions (a total of 15 SF acquisitions have been made in Italy to date). The data shows strong performance of the model, with only one searcher having failed to complete an acquisition.
Italian SFs have raised an average of €558k from 17 investors. The breakdown of capital sources is as follows: 49% from institutional investors, 18% from family offices, and 33% from private individuals. Notably, less than one-third of the capital came from Italian investors, with the majority originating from other European investors. The average age of searchers is 34, with backgrounds in general management (37%), strategic consulting (32%), and investment banking/private equity (31%).
Stefano Peroncini, CEO of Eureka! Venture, stated: “With ETA Fund, we aim to demonstrate that Italy is fully capable of launching institutional and specialized investment funds, managed by Italian asset managers, and able to attract capital from private investors, family offices, and even institutional players focused on local impact—such as banking foundations. These funds can serve as anchor investors for Italian search funds and help ensure continuity for our small and medium-sized enterprises through renewed entrepreneurial energy. This is finally an institutional response to a structural issue in our economy.”
