Ongoing global conflicts—from the war in Ukraine to the Middle East crisis—continue to impact corporate strategic decisions. In addition, we are experiencing a completely new macroeconomic framework, potentially full of risks and opportunities in the post-Trump era with its fossil fuel and new trade policies, as well as the influence on the monetary policy of the central banks which may lead to more upheaval for Europe, leading to make important strategic choices. These might include incentives for investment and consumption, more technological innovation and pragmatism on energy cost reduction targets, as ways to try to limit the risk of political and economic decline in favour of the US and China.

Is 2025 going to be the turning point for the Italian M&A market? While in the past months M&A expansion has been fluctuating globally, in Italy the growth has been consistent. The country has not been particularly affected by global trends due to several factors, including its limited exposure to geopolitical tensions and the fact that it suffered fewer issues in financing matters. Italy continues also to be the object of a renewed interest from international investors which, alongside an active and strategic interest by the government, are leading to an increase in the number of transactions and in their aggregate value. The panel will address how the abundance of available liquidity, the potential reduction in interest rates, and consolidation in key sectors will provide a strong momentum for M&A, complemented by innovation, business transformation and additional competitiveness across different sectors.

• How are new deals being structured to ensure good outcomes for GPs, LPs, portfolio companies and lenders? Are ESG considerations increasingly influencing dealmaking as investors prioritise sustainability and long-term value?
• What renewed opportunities and challenges does the Italian mid-size market present? What is its acquisition potential? How are succession issues impacting M&A activity?
• Which alternative asset classes are most effective in delivering returns for investors?
• Cross-border vs domestic M&A: How are Italian funds internationalising? What strategies and models are proving most effective for delivering returns? Incentives and relocations

With Private Equity Funds carrying out several of the mega and largest Italian deals completed in 2024, PE is expected to continue playing a pivotal role in Italy’s M&A Market in 2025. Furthermore, a change to Italy’s M&A rules, removing a level of uncertainty and strengthening investors’ confidence, could provide further impetus to what is already a strong backdrop for dealmaking. Recent trends are showing a shift towards mid-market deals instead of the high-end market, and a focus on value creation strategies, with less reliance on financial leverage or multiple arbitrages. The panel will review how Private Equity is expected to continue playing a key role in Italian dealmaking, especially in sectors such as industrial, technology, defence and healthcare, with a rekindled interest in high-potential SMEs.  

• Which new strategies are private equity firms raising and deploying to be proactive in capturing current dealmaking opportunities? How to optimise fundraising success in the current market?
• What is the current valuation landscape in Italy? Which are the best exit strategies in 2025 (and beyond)? And is the wave of banking consolidation impacting the market?
• How are the secondary market and capability investing shaping exit strategies? Is the appeal of continuation funds continuing to grow? How can sponsors shore up their portfolio companies to ensure growth in volatile markets? 
• What's the status of IPOs and carve-out activity in Italy?

After an alternating 2024, Italian private debt is already giving positive answers, with the first months of the year seeing an increase in both equity and debt financing activity and a healthy competition amongst lenders.  Driven by the cost of capital starting to recede, the increased demand from businesses seeking alternative financing due to tighter bank lending standards (particularly within mid-market companies), and the growth of more niche areas where traditional banks do not readily lend, private credit is expected to continue its growth. The panel will discuss how this could be further helped by partnerships between private credit funds and established banks to leverage their origination capabilities and reach a wider range of borrowers and how shifts in the Italian economy are influencing the private credit market and financing structures.

• What funding options currently exist for growth or acquisitions? Which advantages do alternative lenders offer? How can businesses leverage private credit funds? What opportunities exist for sponsor-less lending in the mid-cap segment?
• How are hybrid capital solutions evolving? What's the ideal balance between debt and equity? How is the role of banks changing? Is pricing affecting valuation, and if so, how? Are public to private transactions on the increase?
• How is foreign interest in Italian assets impacting financing? What are the implications for the competition, and will this bring a change into the lending practices in the country? 
• Alternative finance and industrial goals in a more dynamic market: Corporate VC, open innovation, family offices.

Italy’s defence sector is entering a new era. As geopolitical tensions intensify and Europe rethinks its defence posture, Italy is emerging as a pivotal player in the continent’s security architecture. With a defence industry anchored by state-backed giants like Leonardo, Fincantieri, and Avio, and supported by a dynamic network of SMEs, Italy is seeing renewed M&A interest across both core and adjacent defence sectors. This session explores where Italian dealmakers are finding value—and how they’re navigating regulatory scrutiny, modernisation demands, and a growing wave of cross-border interest. 

• What defence capabilities and adjacent assets are attracting investor interest? And which sub-sectors are ripe for consolidation (aerospace, cybersecurity, advanced manufacturing)? 
• How is tech—especially AI and dual-use innovation—reshaping acquisition strategies and the supply chain? 
• Regulatory hurdles: From Golden Power to EU-level scrutiny and other regulatory watchpoints 
• The evolving role of private equity in a sector traditionally dominated by state and industrial stakeholders

Italy’s M&A outlook for 2025 remains robust, with the energy transition emerging as a defining force behind deal activity. Backed by the National Recovery and Resilience Plan, EU-level incentives, and a wave of decarbonisation targets, investors are increasingly drawn to opportunities in renewables, energy efficiency, electrification, and green infrastructure. This panel will explore how the push for sustainability, energy security, and digital innovation is reshaping Italy’s industrial landscape—and how M&A is becoming a key lever for accelerating the transition. From grid modernisation and battery storage to hydrogen, EV infrastructure, and circular economy models, we’ll examine where capital is flowing and how strategic consolidation is unlocking scale, resilience, and long-term value.  

• Sector spotlight: Which segments – renewables, energy storage, hydrogen, smart grids – re attracting the most M&A interest?
• Sustainability as a driver: How are ESG mandates and decarbonisation goals influencing deal strategy and investor appetite?
• Cross-border momentum: How is international capital fuelling Italy’s energy transition, and what role are domestic champions playing?
• Investor priorities: What are LPs and strategic buyers looking for in 2025? Scalability, innovation, or regulatory alignment?