AIFI Yearbook 2005
11/05/2005. In 2004 the Italian private equity and venture capital market was characterised by stability on the supply side, says the Italian Private Equity and Venture Capital Association. The deal side suffered from an increasing number of auctions and a slowdown in corporate divestment activity.

New safe harbour provisions on Italian leveraged buy-outs
22/03/2004. Recent legislation in Italy has created a general safe harbour for leveraged buy-outs. Mergers between a leveraged vehicle and the acquired target, where the target acts as a general guarantee, or the source of reimbursement of, the debt incurred by the vehicle, will now be permitted subject to certain requirements, according to Giancarlo Capolino Perlingieri and Dante Leone of Debevoise & Plimpton.

New corporate law: A to do check list
28/01/2004. New Italian corporate rules became effective on 1 January 2004. Italian law firm Portolano Colella Cavallo Prosperetti provides a step-by-step guide to meeting the compliance deadline of 30 September this year.

More choices on shares
12/11/2003. Recent reforms in Italian corporate law have heavily modified the rules applicable to shares. Portolano Colella Cavallo Prosperetti explains the implications for private equity firms.

New corporate governance models
20/10/2003. Under new corporate rules in Italy, private companies will now be able to adopt one of three alternative governance models, explains Italian law firm Portolano Colella Cavallo Prosperetti. Under the existing rules, there is only one possible governance model, which requires a board of directors and a panel of statutory auditors.

An insider's perspective on the outlook for private equity in Italy
30/09/2003. The Italian private equity market is currently being dominated by players with a consolidated Italian track record and experienced Italy-based management teams, according to Fabio Sattin of Private Equity Partners.

What is the potential growth for the private equity market in Italy?
05/02/2003. The private equity industry in Italy is nowhere near as mature as those of the US and some other European countries, such as the UK. This does, however, leave it a great deal of room for growth. Dr Fabio Sattin of Private Equity Partners discusses the opportunities for Italian private equity.

Leveraged buy-outs
02/09/2002. In the last ten years, the phenomenon of private equity has assumed previously unknown dimensions and importance for the Italian economy. But when considering a leveraged buy-out in Italy, one of the most important issues for investors must be the legal hurdles particular to the Italian market. Annapaola Negri-Clementi and Paolo Montironi of NCTM Negri-Clementi Toffoletto Montironi & Soci, Milan, consider the options.

Structuring a venture capital transaction in Italy
12/06/2002. In the last ten years, the phenomenon of private equity has assumed previously unknown dimensions and importance for the Italian economy. As a result, the use of structures other than the pure and simple acquisition of the target's share capital has become more widespread. Paolo Montironi of Negri-Clementi, Toffoletto, Montironi & Soci look at the other options.

First setback for Italian private equity market as investment levels fall
07/05/2002. The Italian private equity market suffered its first setback after a decade of stable growth. The amount of funds invested fell 26 per cent - to E2.185bn - in 2001. The number of deals also declined, falling 24 per cent from 646 in 2000 to 489 in 2001, according to AIFI, the Italian venture capital association, in collaboration with PricewaterhouseCoopers.

Venture capital and private equity in Italy - first semester 2001
18/12/2001. The first half of 2001 displayed the first signs of a slowdown in the private equity and venture capital market in Italy. After six years of constant growth, this year's figures paint a much bleaker picture.

The economic impact of management leveraged buy-out
11/12/2001. Buy-out deals offer private equity investors the opportunity to exploit growth potential and create value. This study, carried out by the Universita Cattaneo Castellanza and INSEAD, analyses the effects of buy-outs on the value creation of their target companies.

Reform of Italian company law
21/11/2001. Investors can now benefit from greater flexibility and protection when structuring investments in Italian companies, thanks to the company law reform introduced in October. Freshfields Bruckhaus Deringer outlines the reforms and explains how they will affect investors in Italian private companies.

Private equity overview Italy 2000
15/08/2001. In 2000, private equity firms in Italy raised E2.92bn in total. This represents a significant increase of 67 per cent on the 1999 figure. The rapid expansion of the Italian private equity market has continued over the last year, as recent regulatory reforms have taken hold. Here EVCA provides a full overview.

The Italian M&A market
31/07/2001. The year 2000 saw 780 M&A deals completed in Italy with a value of E129bn. This shows a 13 per cent increase in the number of transactions despite a general slowdown in growth in the international M&A market. Here AIFI presents an analysis of the year's M&A activity.

Private equity overview - Italy 1999
26/07/2001. The Italian venture capital and private equity industry has experienced a period of rapid expansion over the last few years. Here, EVCA provides a comprehensive overview of the market, including tables and charts on funds raised and types of investment.

Tax and legal issues 2000
25/07/2001. Italian corporate income tax and investment rules underwent significant reforms in 2000 with new provisions applicable to the private equity and venture capital industry. The resulting regulations are summarised here by AIFI.

The Italian stock exchange
10/07/2001. The various stock markets are a primary exit option for venture capital investments. The stronger the market, the better the chance of generating a higher return on investment. This article from AIFI – The Italian venture capital association – looks at the developments and changes in the Italian stock exchange over the last few years.

Taxation and fund regulation in Italy
05/06/2001. Understanding the tax regime for different types of fund vehicles and the regulation they are subject to is essential for firms establishing funds in Italy, but also for investors in those funds. Here AIFI presents the main tax burdens and highlights the effects that recent changes to regulation have had on the structure of funds.

The Italian M&A market
05/06/2001. This article by AIFI – The Italian Venture Capital Association looks at the evolution and growth of the Italian M&A market through to 1999. It also provides details of the most important M&A transactions of the year.

The venture-backed Italian IPO market
29/05/2001. Exit options are vital for all venture capital investments to ensure they achieve their required return. This AIFI piece provides an overview of the Italian IPO market.

Italian private equity performance 1999
29/05/2001. The Italian private equity market has shown strong performance over the last ten years. Here, KPMG and AIFI highlight improvements in investment performance and higher profitability in larger transactions.