Annuario AIFI 2021

PRESENTAZIONE

The AIFI Yearbook, which is now at its twenty-fourth 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 2020, the investment activity in the Italian private equity and venture capital market experienced a slowdown in terms of amount invested, whereas the number of deals significantly increased, driven by the venture capital segment. The activity of international players in Italy remained robust: on the other hand, expansion deals saw another drop. Fundraising increased, even if it remains the most difficult part of the activity in Italy. Finally, as expected in the difficult scenario that characterised 2020, divestments saw a slowdown.

The private debt market saw an increase in terms of number of deals, whereas the amount invested slightly decreased. Capital raised saw a slowdown in comparison with 2019 and the reimbursement activity increased both in the number and in the amount.

The Yearbook, after a description of AIFI’s activities, presents the results of the 2020 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 international trends (conducted by EY Financial Business Advisors).