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

Davide Arnaudo (), Vincenzo Cuciniello (), Giorgio Gobbi (), Federico Guerra (), Federico Labianca (), Valentina Nigro (), Sara Pinoli (), Massimiliano Rigon (), Paola Rossi, Federico Maria Signoretti () and Pietro Tramontano
Additional contact information
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
Federico Maria Signoretti: Bank of Italy
Pietro Tramontano: Bank of Italy

No 1061, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

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.

Keywords: private equity; venture capital; firm growth (search for similar items in EconPapers)
JEL-codes: G23 G24 L25 (search for similar items in EconPapers)
Date: 2026-10
New Economics Papers: this item is included in nep-cfn, nep-eec, nep-ent, nep-eur, nep-fdg and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_1061_26

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