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Capital for growth: the evolution, structure and role of private equity and venture capital in Italy

Author

Listed:
  • Davide Arnaudo

    (Bank of Italy)

  • Vincenzo Cuciniello

    (Bank of Italy)

  • Giorgio Gobbi

    (Bank of Italy)

  • Federico Guerra

    (Bank of Italy)

  • Federico Labianca

    (Bank of Italy)

  • Valentina Nigro

    (Bank of Italy)

  • Sara Pinoli

    (Bank of Italy)

  • Massimiliano Rigon

    (Bank of Italy)

  • Paola Rossi

    (Bank of Italy)

  • Federico Maria Signoretti

    (Bank of Italy)

  • Pietro Tramontano

    (Bank of Italy)

Abstract

This paper analyses the Italian private equity and venture capital market. Although total investment more than doubled between 2015 and 2025, the Italian market remains less developed than those of the other main European economies. Private equity investment is strongly oriented towards technology- and knowledge-intensive sectors, with significant participation by foreign funds. The public sector plays a prominent role in fundraising by Italian operators, whereas the contribution of private institutional investors remains relatively limited. Compared with firms in the same sector, size class and geographical area, private equity target firms are larger, more profitable and better capitalized; after turning to private equity, they record faster growth in total assets, employment, and investment, particularly in intangible assets. The further development of private capital markets in Italy could be fostered by a greater involvement of private investors and a wider availability of patient capital to support firms' growth and innovation.

Suggested Citation

  • Davide Arnaudo & Vincenzo Cuciniello & Giorgio Gobbi & Federico Guerra & Federico Labianca & Valentina Nigro & Sara Pinoli & Massimiliano Rigon & Paola Rossi & Federico Maria Signoretti & Pietro Tramo, 2026. "Capital for growth: the evolution, structure and role of private equity and venture capital in Italy," Questioni di Economia e Finanza (Occasional Papers) 1061, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_1061_26
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    Keywords

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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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