AIFI Monthly English Newsletter #10/2026

AIFI Newsletter - Italian Private Capital Market #10/2026

Dear Members,

In October, together with CDP, we presented the first-half figures for the private debt market, which show strong growth in both fundraising and investments. Fundraising reached 1,082 million euros (+138 per cent), already exceeding the figure for the whole of 2025, while investments rose to 3,928 million euros (+62 per cent), with 77 companies financed. International players accounted for 92 per cent of the total amount, compared with 8 per cent for domestic players. The increase in fundraising and investments reflects growing awareness of the potential of private debt, now recognised as an important and complementary component of the capital markets. You can find the press release here.

The Private Capital Conference 2026 was also held at PwC’s offices in Milan, organised in collaboration with PwC and ADVANT Nctm under the theme “Nuove strategie in un mondo che cambia”. Three panel discussions brought together industry players to discuss investment strategies in the global environment, value creation, and differentiation as a key to success.

Also during the month, the Centro Svizzero in Milan hosted the ceremony for the first edition of the Premio Executive in Private Equity, promoted together with EY-Parthenon and Onexecutive, with the participation of Corriere della Sera, Il Sole 24 Ore and SDA Bocconi. The Award recognises the teamwork of CEOs and Management Teams in the growth and transformation of portfolio companies. The finalists were nine CEOs and Management Teams from companies backed by eight investors, involved in deals shortlisted for the 2023, 2024 and 2025 editions of the Claudio Dematté Award. We thank all participants; the list of winners is available here.

A breakfast meeting was also held with BIP Corporate Finance & Strategy, during which the research “Beyond Buzzwords: il valore si crea nell’execution – Dati, governance e AI come leve per una creazione di valore concreta e scalabile nel Private Equity” was presented. The study examines the role of technology as a structural driver of portfolio company growth, analysing how PE funds operating in Italy integrate it throughout the investment cycle.

Finally, in Pavia, together with Assolombarda, we organised the conference “Private Equity come acceleratore di crescita – Il caso di Pavia”, featuring the presentation of private equity data for Lombardy and a panel discussion dedicated to local private equity experiences.

In the field of education, the 36th edition of AIFI’s institutional course “Private equity, venture capital, private debt” was held in a hybrid format, both in person and via live streaming. The five days of lessons brought together 40 participants and 30 lecturers, confirming the course as an annual reference point for specialist training in the sector.

As part of our regular institutional relations, we held several discussions with the Bank of Italy, obtaining clarifications on upcoming requirements concerning digital resilience and the use of AI. We also responded to a call for evidence issued by the Ministry of Economy and Finance (MEF) on possible corrective measures to the Capital Markets Law.

To stay up to date on the Association’s activities, please visit the dedicated appointments and events section of the AIFI website.

Anna Gervasoni
General Manager

OUR NEWS

Private debt market: investments rise by 62 per cent to 3,928 million euros in the first half of 2026; fundraising reaches 1,082 million euros, up 138 per cent

The figures for the Italian private debt market in the first half of 2026 have been presented. The results of the analysis conducted by AIFI in collaboration with CDP show growth in both fundraising and investments compared with the first half of 2025.

Total fundraising amounted to 1,082 million euros, up 138 per cent from the same period of the previous year (454 million euros) and exceeding the figure for the whole of 2025 (1,024 million euros). The main sources of independent fundraising were banks (28 per cent), pension funds and social security institutions (23 per cent), and the public sector (15 per cent).

The amount invested reached 3,928 million euros, up 62 per cent from 2,421 million euros in the first half of 2025. A total of 77 companies received financing (–5 per cent). The average ticket per company rose to 51.0 million euros (+71 per cent). Excluding deals worth 100 million euros or more, the average ticket was 18.1 million euros, up 24 per cent from 14.6 million euros in the first half of 2025.

Looking at the characteristics of the deals, the data show bullet repayment structures in 63 per cent of cases, amortising structures in 30 per cent, and semi-bullet structures in the remaining 7 per cent.

The press release is available here.

Premio Executive in Private Equity

AIFI, in collaboration with EY-Parthenon and Onexecutive and with the participation of Corriere della Sera, Il Sole 24 Ore and SDA Bocconi, promoted the first edition of the Premio Executive in Private Equity.

The Award was established to recognise the most significant value creation achievements in Private Equity and Venture Capital, with particular emphasis on the collective work of CEOs and Management Teams. It focuses on their ability to execute during the investment period, the quality of strategic decisions and their capacity to deliver transformation. The Award recognises not only financial and economic results but also the transformation journey undertaken by each company and teamwork as an enabler of growth, stronger competitiveness and medium- to long-term sustainability.

The winners were selected from nine CEOs and Management Teams of companies backed by eight private equity investors and involved in deals shortlisted for the 2023, 2024 and 2025 editions of the Claudio Dematté Private Equity of the Year® Award.

After reviewing the profiles of the finalist CEOs and Management Teams and their contribution to value creation, the Jury presented the Premio Executive in Private Equity 2026 to the CEO and Management Team of Namirial, a deal by Ambienta SGR. Namirial is a buy-and-build project in the digital transaction management (DTM) sector.

The Premio Speciale Buy&Build was presented to the CEO and Management Team of DGS, a deal by H.I.G. European Capital Partners. DGS specialises in digital solutions for business process transformation, cybersecurity services and management consulting.

The Jury also awarded three Special Mentions recognising specific management functions: the Finance Special Mention to the CFO of Beautynova, a deal by Bluegem Capital Partners, a company operating in the professional haircare products sector; the Human Resources Management Special Mention to the CHRO of Namirial, a deal by Ambienta SGR; and the Technology/IT Special Mention to the CIO/CTO of DGS, a deal by H.I.G. European Capital Partners.

The press release is available here.

TAX & LEGAL ISSUES

AIFI’s response to the call for evidence on the proposed amendments to the Consolidated Law on Finance (TUF)

With the support of the Tax & Legal Committee, AIFI responded to the call for evidence launched by the Ministry of Economy and Finance (MEF) on potential amendments to the “Legge Capitali”. AIFI’s response focused on the reform of the Consolidated Law on Finance (TUF). The main issues raised include: the need for coordination with the Bank of Italy’s consultation on secondary legislation; the classification of EuVECA managers; the introduction of a priority and simplified procedure for authorised sub-threshold managers; and the possibility for the newly established limited partnership (‘società di partenariato’) to also adopt the legal form of a ‘società in accomandita semplice’.

Italian 2027 Budget Law: parliamentary process under way

On 28 October, the Council of Ministers approved the 2027 Budget Law, thereby initiating the legislative process. The proposed text sets out a number of tax measures concerning the financial sector, which remain subject to amendment and are expected to generate an estimated overall contribution of more than 5 billion euros in 2027. Among the measures that could have a positive impact on the sector, the Government is seeking the introduction, during the parliamentary process, of incentives for business aggregation. AIFI will continue to monitor the development of the proposed legislation and put forward proposals capable of producing positive effects for our market.

Anti-money laundering: AMLA’s final RTS and new provisions on beneficial ownership

On 1 October 2026, AMLA, the European Anti-Money Laundering Authority, published the final versions of three draft Regulatory Technical Standards, which were subsequently submitted to the European Commission for adoption. The texts concern the information to be collected and verified as part of customer due diligence, the criteria for distinguishing business relationships from occasional transactions and identifying linked transactions, as well as the minimum requirements for group-wide anti-money laundering arrangements. On 22 October, Commission Implementing Regulation (EU) 2026/2354 was also published. Applicable from 10 July 2027, the Regulation establishes common formats for the submission of information to central beneficial ownership registers and a checklist of the minimum requirements for its acceptance, with particular attention to reconstructing ownership and control structures within complex corporate arrangements. Over the coming months, we will assess the impact of these developments on the applicable compliance obligations.