Over the past twenty years, Private Equity has strengthened its role as a driver of business growth, adapting to changing markets, evolving governance models and the introduction of new financing solutions. The event "20 anni di Private Equity in Italia", promoted by the PE Lab – Private Equity e Finanza per la Crescita, brought together investors, professionals and academics to discuss the transformation of the sector and the challenges that will shape business growth in the years ahead.

The discussion, opened by the institutional remarks of Giampaolo Gabbi, Director of the Finance Area, SDA Bocconi School of Management, and introduced by Valter Conca, Director of the PE Lab – Private Equity e Finanza per la Crescita, is part of a research activity that, for the past twenty years, has been distinguished by its focus and empirical evidence, supporting the evolution of the market through the analysis of its key dynamics.

The conversation explored how Private Equity has progressively expanded its contribution to business growth. Beyond providing capital, participants highlighted the importance of managerial expertise, consolidation processes, international expansion and supporting companies throughout the different stages of their development. In this context, the data presented showed that buy and build strategies, new governance models and value creation processes now represent some of the key directions of market evolution, reflecting an environment in which investors are increasingly required to support more complex growth paths.

The discussion addressed the issues reshaping the sector, from investors' perspectives, with contributions from A. Cacciapaglia (EY-Parthenon), L. Stanca (Mindful Capital Partners) and M. Piana (Vam Investments), to new financing solutions in the debt market, discussed by B. Tamburi (Three Hills) and F. Di Trapani (Pemberton), and the evolution of the legal and tax framework, explored by A. De Panfilis (Russo De Rosa Associati) and P. Zanoni (ADVANT Nctm). L. De Rosa (Russo De Rosa Associati) retraced the main regulatory and tax developments that have shaped the sector over the past twenty years. The discussion also highlighted the growing complementarity between equity capital and new financing solutions, supporting increasingly sophisticated transactions and responding to the needs of a business environment in constant transformation. At the same time, the ability to combine financial and industrial expertise emerged as one of the key drivers of competitiveness within the Private Equity industry.

The conversation concluded with a look at the future of the sector. Artificial intelligence, technological innovation, geopolitical developments and new approaches to value creation were identified as factors that will increasingly influence future investment strategies. Against this backdrop, the Italian market continues to stand out for its rich entrepreneurial fabric and its significant opportunities for growth and consolidation, confirming the role of Private Equity as a driver of business development and national competitiveness.