# Anima Alternative

Anima Alternative is an Asset Manager based in Milan, Italy.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Milan, Italy
- **Region:** Europe
- **Address:** Milan, Italy
- **Assets under management:** Undisclosed
- **Website:** animasgr.it

## Regulatory record

- **Reports private funds:** No

## About

Anima Alternative is a financial services company founded in 2020 in Milano, Italy. It manages alternative investment funds for professional investors. The company focuses on debt instruments and private market investments.

## Sectors

- Private Credit
- Real Estate
- Infrastructure
- Private Equity
- Energy Transition & Renewables
- Secondaries & Special Situations

## Questions

### Which asset classes does Anima Alternative focus on?

Anima Alternative operates across three principal verticals. The first is direct lending and private debt, providing senior secured and unitranche loans to Italian mid-market companies. The second is infrastructure and energy transition, including renewable energy projects and sustainable infrastructure assets. The third is real estate and special situations, encompassing direct property, NPL and UTP portfolio acquisition, and real estate credit. The firm deploys capital through regulated closed-end Italian alternative investment funds.

### What is the acquisition of Castello SGR, and why does it matter?

In June 2024, Anima Holding announced an agreement to acquire Castello SGR from entities managed by Oaktree Capital Management. Castello SGR is a Milan-based real estate fund manager with approximately 15 professionals and a track record in direct property investments. The acquisition is intended to double Anima Alternative's real asset capabilities and accelerate its growth in real estate fund management. The transaction underscores the division's strategic importance within the Anima Holding group (per the firm's announcement, June 2024).

### Who are the typical investors in Anima Alternative's funds?

Anima Alternative's fund structures target a mix of institutional and retail investors. A distinctive feature of its model is distribution through Anima Holding's partner bank networks, giving it access to mass-affluent and high-net-worth individuals across Italy. Institutional investors include Italian pension funds, insurance companies, and banking foundations that allocate to closed-end alternative products. This dual-distribution model is unusual among European alternative managers, most of whom rely exclusively on institutional fundraising.

### What is Anima Alternative's geographic focus?

The platform's primary investment geography is Italy, with ancillary exposure to Southern Europe. Its direct lending strategy concentrates on Italian mid-market borrowers. The infrastructure and energy transition funds invest predominantly in Italian renewable energy assets, with some Southern European exposure. Real estate investments are overwhelmingly domestic, including logistics, office, and residential properties in Italian cities, as well as NPL portfolios sourced from Italian banking counterparties.

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Last updated: 2026-06-03T20:00:00.000Z

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