In September 2026, the first exit of our PIPE Fund was completed, bringing to a close—less than three years after our entry—our investment pathway in TXT e-solutions, an international group operating in the provision of software and digital solutions for high-complexity sectors.
The transaction closed with high double-digit returns, outperforming key benchmark timeframes, and serves as the first concrete validation of the PIPE Fund's strategy: identifying Italian small-cap companies—whether listed or near-listing—with strong fundamentals and growth potential not yet fully recognized by the market, and actively contributing to their value creation.
Alkemia invested in TXT e-solutions in 2023, identifying the Group’s strong fundamentals, high-quality management team, and growth prospects as the core elements of its investment thesis. Throughout the holding period, Alkemia supported the company as an active shareholder, providing expertise and networks to back its growth path and bolster its dialogue with the financial community.
“This first exit marks an important milestone for us, moving beyond the success of a single transaction to provide the first concrete validation of the model behind our PIPE Fund,” stated Giacomo Picchetto, Managing Partner at Alkemia. “The Fund was built on the conviction that within the Italian small-cap segment, there is clear room for an investor capable not only of identifying untapped value, but of actively contributing to its creation. The outcome achieved with TXT e-solutions reinforces this belief and confirms Alkemia's ability to translate its vision into tangible value creation.”
The completion of the investment marks the end of a journey lasting nearly three years, during which we supported TXT e-solutions through a significant phase of its growth. Today, TXT continues to execute its 2025–2027 Business Plan, while we at Alkemia will proceed with the implementation of the PIPE Fund's strategy, targeting new investment opportunities currently under evaluation.
