Annuario AIFI 2020

PRESENTAZIONE

The AIFI Yearbook, which is now at its twenty-second edition, intends to be a simple guide on the main features and trends related to the Italian private equity, venture capital and private debt markets.

In 2019, the investment activity in the Italian private equity and venture capital market experienced a slowdown in terms of amount invested, but if we exclude infrastructures, which saw in 2018 some huge deals, the amount is in line with the previous year. Fundraising remains the most difficult part of the activity in Italy and showed a decrease in comparison with 2017 and 2018, characterised by some important funds that raised a huge amount of capital. Finally, divestments saw a slight slowdown.

The private debt market continued the growing trend of the last years, especially in terms of investment activity, whereas capital raised decreased in comparison with 2018. The reimbursement activity showed an increase both in the number and in the amount. Moreover, for the first time, we have tried to describe how the private capital market has changed over the last years, with new activities and new types of players.

The Yearbook, after a description of AIFI’s activities and governance, presents the new private capital market, the results of the 2019 Italian private equity and venture capital analysis (realised in cooperation with PricewaterhouseCoopers – Transaction Services), followed by the description of the Italian private debt industry and its characteristics (conducted with the support of Deloitte).

In addition, the Yearbook contains an analysis of the main tax and legal issues, a research about the aggregate performance (IRR) of the private equity and venture capital market (carried out with KPMG Corporate Finance) and a study of private equity trends (conducted by EY).