Tages has agreed with 21 Invest to form 21 Next, backed by Edizone

Tages Capital SGR SpA

Founded in 2011, Tages Capital is a leader in renewable energy—Italy’s second-largest solar energy producer with installed capacity of approximately 1 GW—and in the infrastructure and energy transition sectors, with approximately €1.4 billion in assets under management and over €3 billion in invested capital. Recent investment strategy expansions include the launch of the Tages Credit Fund. Tages is also preparing to launch Tages Infra Plus, a new fund dedicated to value-add infrastructure investment opportunities and focused on the middle market.

The Deal

Lincoln International served as exclusive sell-side advisor to Tages Capital. Tages Capital, along with 21 Invest and Edizione, have reached a preliminary agreement for the creation of 21 Next, an innovative alternative asset manager dedicated to private markets. Upon completion of the transaction, the newly created platform will wholly own 21 Invest and Tages. The founding shareholders of the two companies, as well as their respective senior managers, will reinvest in significant minority stakes in the new entity, ensuring strategic continuity and alignment with investor interests. 21 Next will leverage its Italian roots to pursue an innovative, industrial-focused international approach to offer a diverse range of complementary private market strategies. The new platform will operate through a wholly owned asset management company, capitalizing on 21 Invest’s expertise in Private Equity and Venture Capital, along with Tages’s experience in Energy Transition, Infrastructure and Private Credit spaces. This combined industry know-how will underpin an ambitious expansion plan across Europe, focusing on high-potential investment sectors with significant global growth opportunities.

With the backing of its founding partners, 21 Next aims to at least double its assets under management to over €10 billion in the coming years. The new vehicle will continue to invest across Europe, a particularly dynamic market with an average annual growth of over 8%, a trend expected to continue. Its highly fragmented nature combined with an attractive growth potential provide meaningful consolidation opportunities. This flexible investment model also opens pathways to future partnerships with leading market operators.

21 Next will harness the diversified and complementary expertise of each of the three founding partners. The management of 21 Invest and Tages will continue to manage their existing funds and drive the launch of new ones under the 21 Next’s umbrella, providing investors with a broader, more international platform. 21 Next will also benefit from €500 million in seed capital from Edizione to fund ambitious new initiatives. The platform will deliver strategic business development and coordinate the expertise of its three founders.

Our Perspective

Antoine Dupont-Madinier, Managing Director in Lincoln’s financial institutions group who led the transaction, commented, “This is a landmark transaction in the infrastructure and alternative asset management market, and it underscores Lincoln’s proven expertise supporting private market General Partners and their shareholders as they pursue scale, diversification and global relevance. Notably, this deal reflects the industry trend towards consolidation and the creation of global, multi-asset platforms.”

Edizone

Edizione, a financial and industrial holding company valued at over €14 billion, is active in more than 100 countries through 15 leading companies. Edizione brings a vast global partnership network and extensive know-how in the sectors in which it operates, fostering business synergies and supporting international growth. Cross-sector diversification and pollination is central to Edizione’s growth strategy.

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