Opera was created in 2000 by a group of private equity professionals with the financial and industrial partnership of the Bulgari Group. The founding business idea of Opera was to focus on investment into companies representative of Italian lifestyle.

Fund-raising activities of Opera 1 were completed in March 2001; from 2001 to 2003, Opera 1 completed six investments (for a total of €168m) of which four currently exited.

In July 2004 a second investment vehicle, Opera 2, completed fund-raising for € 80m.

In 2007, the group structure was complemented by the set-up of an Italian "Società di Gestione del Risparmio" approved by the Bank of Italy, Opera S.G.R. S.p.A.

In May 2007, Michele Russo and a group of investors with consolidated private equity experience and track-record acquired the majority of the management companies of Opera, whilst committing substantial resources in Opera 2. The new management focus is to:

• complete the value creation process of companies still in portfolio of Opera 1
• carry out the investment process of Opera 2 through new acquisitions, based on a direct "hands-on" involvement in acquired companies.