Private Equity and Venture Capital in Italy: Fundraising declines, but investments grow.

In the first half of 2025, the Italian private equity and venture capital market exhibited a two-speed trend. On the one hand, capital raising slowed significantly, falling 40% compared to the same period in 2024. On the other hand, investments recorded solid growth, confirming the resilience of the sector's players.

Harvest: sharp contraction

According to data released by AIFI , in collaboration with PwC Italia , total funding reached €1.7 billion , compared to €2.8 billion last year. 29 operators participated, up from 18 in 2024, with a significant contribution from the public sector and institutional funds (26% of the total).

Private Equity and Venture Capital Investments: Positive Trend

Despite the contraction in funding, investment volumes have grown. In the first half of 2025, operators injected €5.2 billion into the Italian market, a 17% increase compared to 2024. In total, 370 deals were completed (+24% compared to 2024), spread across 244 companies.

It is worth noting the presence of 5 transactions exceeding 150 million euros , which drove the growth of the sector.

Sector focus

The most dynamic sector in terms of number of transactions was ICT , with 35% of total transactions, followed by medical (14%) and industrial goods and services (12%). In terms of amount, however, the energy and environment sector prevailed, raising 1.6 billion euros (31% of the total), followed by industrial goods and services (18%) and ICT (16%).

Geographical distribution

The market continues to be highly concentrated in Northern Italy , where 75% of transactions, equal to 244, took place. Lombardy remains the leading region (47% of the total), followed by Tuscany (9%) and Emilia-Romagna (8%).

Divestments

On the divestment front, the overall value rose to 2.7 billion euros , up 15% compared to 2024. The most used channel remains the sale to industrial entities , which represented 39% of the total, with 29 transactions.

Conclusions

The emerging picture is of a market in transformation: while the contraction in funding reflects macroeconomic challenges and international uncertainty, investment is growing, demonstrating operators' confidence in the Italian business community. Companies, particularly in the ICT, energy, and environmental sectors, continue to represent fertile ground for investors, thanks in part to the growing focus on innovation, digitalization, and the green transition.