MILAN, 28 May 2026 — Milano Finanza, Italy’s leading financial daily, has dedicated coverage to the launch of BlackSheep SGR and its second fund, BlackSheep II — Domain-Specific AI. The piece — authored by Sara Bichicchi and published in both the online and print editions — positions the firm as a new independent European venture capital platform built on the track record of BlackSheep I — MadTech Fund.
The article reports the firm’s ambition of bringing together approximately €170 million in assets under management to support Italian and European tech, summarising the strategic positioning Umberto Bottesini outlined to the publication.
“We want to prove that finance applied to technology can generate returns in Italy and Europe too.”
Umberto Bottesini, CEO & Co-founder, BlackSheep SGR — in Milano Finanza, 28 May 2026
Fund I Track Record
Milano Finanza reviews the performance of BlackSheep I — MadTech Fund (vintage 2022), highlighting an annualised net IRR of 21%, a TVPI of 1.65x, 3 realised exits, and a positioning above the top decile of VC funds of the same vintage year, based on the latest Carta benchmarking data. The article notes that this track record validates the firm’s vertical, integrated approach to venture capital and supports its evolution into an independent supervised manager.
BlackSheep II — Domain-Specific AI
The piece details the strategy of the second fund, currently in its fundraising phase with a target of €120 million and an expected first closing of approximately €60 million in September 2026, at which point first investments are anticipated to begin. The fund focuses on B2B applications of artificial intelligence across six verticals:
- MadTech — marketing and digital advertising (the historical vertical)
- Commerce & Retail
- Privacy & Data Governance
- Media & Telco
- Finance
- Cybersecurity
Investor Base & Governance
The article confirms CDP Venture Capital as the institutional limited partner of the first fund, and describes the LP base being assembled for BlackSheep II as a consortium of institutional investors, private groups, and Italian and European family offices. Milano Finanza also profiles the Board of Directors of the new SGR: Umberto Bottesini as Chief Executive Officer, Sandro Moretti Cane as Chairman, Marco Caradonna as Director, and Marialiliana Conte as Independent Director.
The coverage spans both the digital edition of Milano Finanza and a dedicated piece in the print edition, marking one of the most visible institutional press placements for BlackSheep since the firm’s rebrand and SGR authorisation by the Bank of Italy.
Read on Milano Finanza