A recovery for the Italian market is not expected until 2013 at the earliest, according to a recent poll - but the backdrop brings with it fresh prospects.

The first edition of the Italia Survey, in association with Delfino e Associati Willkie Farr & Gallagher LLP, assesses market sentiment among the country's private equity professionals.

Respondents see fundraising and access to leverage to be by far the largest challenges for the private equity industry for 2012. With 61% of respondents feeling a recovery in Italy will not take place until 2013 or later, times will be difficult for 2012. The upside is that nearly three quarters of respondents (71%) feel the recovery will pose opportunities rather than act as a threat for the industry.

More than three quarters of GPs and LPs plan to raise or invest in funds respectively for Italy in the next 12-24 months. A staggering majority feel it will take more than 18 months to do so, with 40% fearing that fundraising will be the most significant issue facing private equity funds at the moment. Issues may revolve around T&Cs: 70% feel longer hold periods mean that investment models must be reviewed, while nearly three quarters feel compensation for GPs will change in the near term.

To view the commented survey results in full, download the Italia Survey.