Neva Sgr: first exit for Neva funds and capital distribution to investors
24 June 2026
Neva Sgr, the Venture Capital company of the Intesa Sanpaolo Group wholly owned by Intesa Sanpaolo Innovation Center, announces the first exit for the Neva II and Neva II Italia funds, launched at the end of 2024, and the resulting first capital distribution to investors.
The transaction follows the acquisition of U.S.-based Phosphorus by Dragos and marks an initial milestone in the value creation journey of the portfolio built by the two funds through investments in innovative technologies in Italy and abroad.
The exit enables the funds to begin distributing capital to investors and represents the first realised outcome for the vehicles launched at the end of 2024.
Phosphorus operates in Extended Internet of Things (xIoT) security and joined the portfolios of the Neva II and Neva II Italia funds just over one year ago.
Performance indicators and investment strategy
Following the distribution generated by the Phosphorus transaction, Neva II – the fund dedicated to global investments – achieved a DPI (Distributions to Paid-In Capital) of 11% and estimates a TVPI (Total Value to Paid-In Capital) of 1.06x, taking into account portfolio value and the effects of fees, capital calls and distributions.
At the same time, Neva II Italia – a PIR-compliant fund designed for institutional investors such as pension funds and social security institutions – achieved a DPI of 7% and estimates a TVPI of 1x. The fund structure also allows investors to benefit from the share of investments carried out in the U.S. market, supporting a distribution path while awaiting the growth and value creation of the Italian market.
"Performance indicators place the Neva II and Neva II Italia funds among the top performers internationally when compared with benchmarks for funds of similar maturity. We will continue along the path we have embarked upon, carefully selecting companies in Italy and abroad that are distinguished by proprietary technologies and an innovative approach, capable of providing practical solutions to the challenges of our time, with a particular focus on digital technologies, alternative energy, medical biotechnology and aerospace."
Mario Costantini, CEO and General Manager of Neva Sgr
These results add to those of the Neva First Fund, which is expected to reach total distributions to investors of €24 million in the coming weeks, corresponding to a DPI of 11%, based on disposal transactions already completed and signed.
Last updated 24 June 2026 at 10:48:28
