Italy Private Equity Confidence Survey: Outlook H1 2026 (Deloitte Switzerland)
Summary
- In the second half of 2025, the Italian private equity market recorded a total of 322 investments and 26 divestments.p.4
- Total deal value reached approximately €3.6bn in the second half of 2025, down from €22.1bn registered in the second half of 2024.p.4
- The Deloitte PE Confidence Index recorded 111 points for the first semester of 2026, corresponding to an expected 224 private equity transactions.p.6
- A growing share of 38.6% of operators expect an increase in deal activity during the first half of 2026, while 56.8% anticipate stability.p.6
- Approximately 82% of respondents believe the launch of Cassa Depositi e Prestiti's (CDP) Fund of Funds will positively impact the Italian PE/VC market.p.6
- Rising raw material prices and inflation are expected to negatively impact portfolio company margins according to 90.9% of surveyed operators.p.11
Key insights
- Major transactions in the second half of 2025 included Ardian's acquisition of an 89% stake in Milione for €1.2 billion and Brookfield's acquisition of Fosber for €900 million.p.4
- A total of 36.4% of surveyed operators expect positive effects from Cassa Depositi e Prestiti's Fund of Funds within the next 12 months.p.8
- Searching for new investment opportunities remains the primary activity for funds, with 40.9% of respondents expecting to spend most of their time on scouting.p.10
- Industrial Products remains the leading sector in portfolio companies, accounting for 26.4% of current portfolio holdings.p.13
- LBO/Replacement deals represent the dominant transaction type, accounting for 56.8% of planned investments in the upcoming semester.p.16
- Majority investments are overwhelmingly preferred, accounting for 90.9% of expected deal focus for the first half of 2026.p.16
- Trade sales are anticipated to be the primary exit mechanism, selected by 63.6% of operators.p.21
- An optimistic 75.0% of operators expect the value of their portfolio companies to increase compared to acquisition cost over the next six months.p.22
Topics and entities
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