HAT SGR closes €155 million for fifth technology-focused private equity fund
16 JUL, 2026
By Joanna Piwko from RankiaPro Europe
HAT SGR, an independent private equity firm based in Milan and London, has announced an interim close of €155 million for HAT Technology Fund 5, its latest vehicle dedicated to Italy's digital transition and broader technology megatrends – including digital enablers, artificial intelligence, software, automation and robotics.
The fund is targeting a final close of €200 million, expected in early 2027. With this milestone, HAT SGR's total assets raised across its fund series now exceed €600 million.
Strong investor backing
The interim close was supported by existing investors reinvesting more than 100% of distributed capital, alongside a group of new institutional backers including BPER Banca, Fondazione CRT, Fondazione ENPAM, Fondo Pensione BCC, Fondo Pensione FonTe and Fondo Telemaco.
HAT SGR's CEO and co-founder, Ignazio Castiglioni, said the result reflects investor confidence in the firm's ability to identify and support growth opportunities in Italy's technology sector. He noted that artificial intelligence represents not a passing trend but a structural shift in how businesses operate, innovate and grow, and that the greatest value in Italy will come from applying AI to the real economy through new business models and higher productivity.
Portfolio activity
HAT Technology Fund 5 has already completed three investments:
Track record
Founded 19 years ago, HAT SGR is a leading player in Italy's lower mid-market segment, with €600 million invested across 41 companies, more than 60 add-on acquisitions, 33 exits at an average return of 3x invested capital, and two portfolio companies taken public.
The firm also reported recent divestments from HAT Technology Fund 4, its predecessor vehicle now in its value-realisation phase, which have already returned more than 100% of called capital to investors while retaining five portfolio companies with further growth potential.
Nino Attanasio, President and founder of HAT SGR, said the milestone reinforces the firm's credibility as one of Italy's leading independent technology-focused private equity operators, and that the firm will continue to provide capital, expertise and relationships to support portfolio companies' growth and innovation.
