Special report: unquote" Italia Private Equity Congress 2010

Susannah Birkwood
12 November 2010

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Economic policy, the continued strain of the recession and the importance of localism were issues high on the agenda at the fourth annual unquote” Italia Private Equity Congress.

More than 125 private equity professionals gathered yesterday at the Four Seasons hotel in Milan for a full day of debate and discussion about the present and future outlook for the asset class in Italy.

John Singer, Matteo di Montezemolo and Nino Tronchetti Provera were among the prominent names which drew in the crowds, forming part of one of the strongest line-ups the conference has seen since its inauguration in 2007.

Chairing the event for the fourth year running, PricewaterhouseCoopers Partner Mara Caverni set the landscape for the day's proceedings with the sobering news that the value of Italian private equity transactions will barely reach an estimated €1.4bn by the end of 2010 - a 50% decrease on even 2009.

A keynote address followed, with Andrea Montanino from the Treasury department of the Italian Ministry of Economy and Finance, who announced the final close of the Fondo Italiano di Investimento. The fund, which has raised a total sum of €1.2bn via investments from the Italian state, banks and corporations, will function both as a fund-of-fund and a direct investor. According to Private Equity Partners Chairman Fabio Sattin the government's endorsement of the vehicle has put a definitive end to the distrust which has manifested itself towards the country's private equity community.

A number of panel debates ensued, including a general discussion about the state of the market, in which Akina Partners' Francesco Aldorisio and AIFI's Anna Gervasoni participated, and a talk on GP perspectives, during which Advent International Managing Partner John Singer commented that although local investors may feel that "the grass of the neighbour is always greener", most countries are "much worse off than Italy" when it comes to investment opportunities.

Ambienta CEO Nino Tronchetti Provera attracted a crowd of local journalists during the lunchtime refreshments, while Matteo di Montezemolo, CEO of Montezemolo & Partners and Charme Group, retained much of the morning's attendees well into the afternoon thanks to his one-on-one interview with Mara Caverni.

Other speakers included Investindustrial CEO Andrea Bonomi, Lorenzo Salieri of 3i Italy and Harbourvest Partners' Claudio Siniscalco, while sponsorship for the event was gratefully received from Greenpark Capital, PricewaterhouseCoopers, IKB Deutsche Industriebank, Amrop, Cimino & Associati Private Equity, Fineurop and Aztec.

The next unquote" private equity congress will be hosted in Cape Town, South Africa, on 10th February 2011. For further details, visit: http://www.southafricapecongress.com