Key Takeaways
- • Azimut Investments completed a €110 million investment in D-Orbit S.p.A., the market leader in space logistics, through its 'D-Orbit' sub-fund within the Azimut Direct Investments SCA-SICAV-RAIF fund, with Azimut acting as lead investor in the Series D funding round.
- • The transaction comprised two components: a primary capital increase subscription in D-Orbit's Series D round and secondary market share acquisitions from existing shareholders including Indaco Venture Partners SGR, Como Venture, and Spazior.
- • Golden Power authorization from Italian competent authorities was required due to the strategic significance of the space logistics sector, reflecting heightened regulatory scrutiny in critical infrastructure and dual-use technology investments.
- • Osborne Clarke advised Azimut Investments on all corporate and regulatory aspects, while D-Orbit received counsel from Eversheds Sutherland, and selling shareholders were represented by Orsingher Ortu and Orrick.
- • The investment underscores institutional capital allocation toward the commercial space economy, with Azimut's commitment signaling confidence in D-Orbit's market position and sector growth potential.
Summary
Azimut Investments S.A., the alternative investment manager of the Azimut Group, has completed a €110 million investment in D-Orbit S.p.A., a recognized leader in space logistics services. The transaction, which closed on January 26, 2026, was structured across two distinct phases: a primary investment through subscription to a capital increase in D-Orbit's ongoing Series D funding round, and a secondary market acquisition of shares from multiple existing shareholders. The secondary component included purchases from Indaco Venture Partners SGR, Como Venture, and Spazior, with Azimut Investments positioned as the lead investor in this Series D round.
The €110 million commitment represents a significant institutional deployment into the commercial space logistics sector and reflects Azimut's strategic conviction regarding D-Orbit's competitive positioning and the broader growth trajectory of the space economy. The investment was made through the dedicated 'D-Orbit' sub-fund housed within Azimut's Direct Investments SCA-SICAV-RAIF alternative investment fund structure, managed by Salvatore Sberna's Alternative Investments team at Azimut Investments S.A.
The transaction required Golden Power authorization from Italian regulatory authorities, a formal approval mechanism applied to foreign and strategic investments in sensitive sectors. This regulatory requirement reflects the government's assessment of space logistics as strategically important infrastructure, underscoring the dual-use and national security dimensions increasingly embedded in commercial space sector financing.
Osborne Clarke provided comprehensive legal counsel to Azimut Investments across corporate structuring and regulatory approval processes, with a team led by partners Antonio Fugaldi and Giuliano Lanzavecchia, supported by associates Chiara Carioti, Aldo Costanzo, and Fabrizio Ducci. D-Orbit received separate representation from Eversheds Sutherland and internal counsel, while selling shareholders were advised by Orsingher Ortu, with Orrick representing certain shareholders in the broader Series D context.
The €110 million commitment represents a significant institutional deployment into the commercial space logistics sector and reflects Azimut's strategic conviction regarding D-Orbit's competitive positioning and the broader growth trajectory of the space economy. The investment was made through the dedicated 'D-Orbit' sub-fund housed within Azimut's Direct Investments SCA-SICAV-RAIF alternative investment fund structure, managed by Salvatore Sberna's Alternative Investments team at Azimut Investments S.A.
The transaction required Golden Power authorization from Italian regulatory authorities, a formal approval mechanism applied to foreign and strategic investments in sensitive sectors. This regulatory requirement reflects the government's assessment of space logistics as strategically important infrastructure, underscoring the dual-use and national security dimensions increasingly embedded in commercial space sector financing.
Osborne Clarke provided comprehensive legal counsel to Azimut Investments across corporate structuring and regulatory approval processes, with a team led by partners Antonio Fugaldi and Giuliano Lanzavecchia, supported by associates Chiara Carioti, Aldo Costanzo, and Fabrizio Ducci. D-Orbit received separate representation from Eversheds Sutherland and internal counsel, while selling shareholders were advised by Orsingher Ortu, with Orrick representing certain shareholders in the broader Series D context.
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