AIFI report: Private Equity, a growing market, but Italy still lags behind Europe
AIFI Report developed in collaboration with Equita Mid Cap Advisory and Mindful Capital Partners
The private equity industry in Italy is evolving, yet there is still ground to cover to bridge the gap with other European countries. This is the main finding of a report developed by AIFI (Italian Private Equity, Venture Capital and Private Debt Association) based on an idea by Equita Mid Cap Advisory and Mindful Capital Partners.
A key factor impacting the number and size of funds is fundraising activity, which remains the most complex component of private equity operations in Italy. In 2024 alone, Italian private equity funds raised €5.3 billion, compared to €25.2 billion raised in France.
An analysis of the historical fundraising trends reveals that until 2013, the figures for Italy and France were relatively aligned. However, from that point onward, France experienced a significant leap, driven by institutional measures such as the active involvement of public investors and strong moral suasion directed at insurance companies. Between 2020 and 2024, public institutions in France invested €12.5 billion in private equity, compared to just €2.1 billion in Italy. During the same period, insurance companies invested approximately €20 billion in France, versus €1 billion in Italy. Similarly, high-net-worth individuals and family offices invested €20 billion in France, compared to €2.4 billion in Italy, and pension funds €9.5 billion versus €2.3 billion.
These disparities are also reflected in investment activity. Excluding infrastructure, €26 billion were invested in France in 2024, compared to €8.7 billion in Italy.
The report – presented yesterday by Anna Gervasoni, General Manager of AIFI, Filippo Guicciardi, Partner at Equita Mid Cap Advisory, and Lorenzo Stanca, Managing Partner at Mindful Capital Partners – also addresses whether the number of Italian private equity funds is excessive or insufficient, and whether their size is too small, thus highlighting the need for consolidation to achieve greater scale. The analysis focuses on the characteristics and number of private equity players active in the Italian market, also in relation to the country’s industrial structure.
Over time, the Italian private capital market has grown, reaching a record high in 2022 with nearly €24 billion invested. The year 2024 is shaping up to be the second-best year ever, with around €20 billion invested across private equity, venture capital, infrastructure, and private debt.
At the same time, the number of AIFI members has grown significantly, from 73 in 2000 to 183 at the end of last year, with international investors now accounting for approximately one-third of total membership. One notable trend is the increasing regulatory complexity, which has led to a rise in alternative investment structures compared to traditional private equity funds—most notably, club deals and holding companies—which now account for roughly 20% of overall market activity.
