Tommaso Meregalli
Investment Analyst
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- Full Name
- Tommaso Meregalli
- Title
- Investment Analyst (during his tenure at Alto Partners SGR)
- Firm
- Alto Partners SGR S.p.A. (Milan) — now Investment Director & Head of ESG at Koinos Capital SGR
- Firm Type
- Mid-market private equity (buyout & expansion). *Note: the source stub labeled him "Angel Investors / Seed Round," but every verifiable source shows Alto Partners SGR is an Italian mid-market PE firm, not an angel/seed investor — see below.*
- Investment Stage
- Buyout and expansion capital (control/majority positions), not seed
- Check Size
- €20m–€45m equity cheque (fund-level, Alto Partners), with flexibility for larger deals via co-investors
- Target Company Profile
- Italian SMEs with revenues of roughly €30–100m and EBITDA of €7–15m
- Sector Focus
- Food & beverage, design, luxury & fashion, high-end/precision mechanics, electro-mechanics, and business services
- Geographic Focus
- Italy, primarily the northern regions
- Location
- Milan, Italy
Background
Tommaso Meregalli is an Italian investment professional based in Milan. He earned a Master of Science in Finance from the University of Florida's Warrington College of Business (reported class of ~2014). He began his career in corporate finance, reportedly including a stint as a corporate-finance analyst at KPMG in Italy, before moving into private equity.
From roughly 2018 to 2021 he worked at Alto Partners SGR S.p.A., a Milan-based mid-market private equity house, where he was identified in deal coverage as an investment analyst. Alto Partners, with more than 25 years of activity, is among the most established players in the Italian mid-market; it manages the Alto Capital fund series (Alto Capital IV closed at ~€210m; the later Alto Capital V closed at ~€273m) and has roughly $650m in AUM and a track record of some 47 transactions exceeding €1bn in combined value. During Meregalli's time there, the firm's senior figures included founding partners Stefano Scarpis (Chairman) and Raffaele de Courten.
Meregalli subsequently moved to Koinos Capital SGR, another Milan private-equity manager focused on Italian SMEs, where he is now an Investment Director and Head of ESG. Koinos is a signatory to the UN-supported Principles for Responsible Investment (PRI), consistent with his ESG remit. His earlier experience is also linked to portfolio-company operating roles (e.g., C.E.I./industrial spare-parts platform work).
Note that "Alto Partners" is a name shared by more than one entity — the Milan mid-market PE firm (altopartners.it) that Meregalli was part of, and a separate venture-capital vehicle active in Indonesian startups. The seed/angel framing in aggregator data appears to conflate these; Meregalli's verifiable work sits with the Italian mid-market buyout firm.
Investment Thesis & Focus
- Invests through control-oriented buyout and expansion deals in profitable Italian SMEs — not seed or angel-stage startups.
- Target companies: revenues of ~€30–100m and EBITDA of ~€7–15m, typically family- or founder-owned businesses in northern Italy.
- Equity cheques of roughly €20m–€45m, with capacity for larger deals alongside co-investors.
- Sector preference for food & beverage, design, luxury/fashion, high-end mechanics, electro-mechanics, and services — sectors tied to "Made in Italy" industrial and consumer strength.
- Firm positioning (Alto Partners, in its own words): "We support entrepreneurs and business leaders in their path to success… Beyond investment, we are long-term partners, dedicated to building sustainable value side by side."
- In his current Koinos role, an explicit ESG / responsible-investment lens (PRI signatory) is central to his mandate.
Notable Investments
- Costruzione Emiliana Ingranaggi (C.E.I.) — Alto Partners acquired ~75% of the Bologna-area maker of aftermarket spare parts for trucks and heavy commercial vehicles (May 2020), in a deal valued at ~€75m (≈5.5x EBITDA); CEI had ~€62m revenue and ~€13.5m EBITDA in 2019. Meregalli was named as the deal's investment analyst; the buyout was executed via the "Spare Partners" aggregation platform, with the founding Boni family retaining 25%.
- Alto Capital IV portfolio (2017-vintage buyout fund) — the fund in which the CEI deal sat; other reported holdings include Mipharm (pharmaceuticals). *(These are firm/fund-level investments during his tenure rather than personally attributed deals.)*
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