No. 1061 - Capital for growth: the evolution, structure and role of private equity and venture capital in Italy

Questioni di Economia e Finanza (Occasional papers)
by Davide Arnaudo, Vincenzo Cuciniello, Giorgio Gobbi, Federico Guerra, Federico Labianca, Valentina Nigro, Sara Pinoli, Massimiliano Rigon, Paola Rossi, Federico Maria Signoretti and Pietro Tramontano
October 2026
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This study analyses the Italian private equity and venture capital market. It investigates the market's evolution and size, the allocation of investments, the structure of market participants and capital raising activity, while comparing Italy with the other major European economies. Using granular data on individual transactions and investee companies, it also examines the characteristics of firms targeted by private equity investment.

Over the 2015-2025 period, private equity and venture capital investment in Italy more than doubled. Nevertheless, the Italian market remains less developed than those of the other major European economies. Private equity investment is heavily oriented towards technology- and knowledge-intensive sectors, with foreign funds playing a substantial role. Compared with similar firms in terms of sector, size class, and geographical location, private equity-backed companies are larger, more profitable, and have stronger capital positions.