Investcorp has launched a €240m single-asset continuation fund to support the next stage of growth for Italian cybersecurity firm HWG Sababa, following a majority stake sale by Investcorp Technology Partners Fund V (ITP V).

The deal marks the first exit from the oversubscribed $570m ITP V fund, which closed in 2024.

The new continuation vehicle, managed by Investcorp, was oversubscribed and anchored by Hayfin Capital Management and Coller Capital. It includes participation from ITP employees, existing LPs, and new investors. Members of HWG Sababa’s management team will retain a significant stake alongside the continuation fund.

Founded in 2008 and headquartered in Verona, HWG Sababa is a leading independent cybersecurity provider in Southern Europe. The company specialises in security operations for IT, IoT, and OT environments, serving clients across critical infrastructure, energy, finance, and manufacturing. Since ITP V’s investment in 2022, HWG Sababa has grown revenues sixfold and completed four acquisitions, including the strategic purchase of Sababa Security in 2023.

“The creation of a dedicated continuation fund for HWG Sababa highlights the company’s strong growth and our successful partnership with Enrico, Alessio, and the team,” said Gilbert Kamieniecky, Head of European Private Equity at Investcorp. “We’re pleased to partner with Hayfin and Coller Capital to support its continued growth.”

Investcorp will use the continuation fund to accelerate international expansion across Europe and the Middle East and continue investing in operational technology, innovation, and new acquisitions.

Roberta Vezzoli, Managing Director at Investcorp, added: “We’re excited to remain involved and collaborate with Hayfin and Coller Capital as we support the next stage of the company’s development.”

HWG Sababa Chairman Enrico Orlandi said the continuation fund is the “right solution” to fuel the company’s next chapter, while CEO Alessio Aceti praised the team’s progress and reiterated plans to expand leadership in IT, OT, and SOC services both domestically and internationally.

Following the HWG Sababa transaction, ITP V retains stakes in portfolio companies including VEDA (Germany), Unyfr (USA), and NetRom (Netherlands).

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