From pension funds and funds a boost to venture capital

In the first half of 2025, the Italian venture capital market presented a contrasting trend. On the one hand, investment activity was very dynamic, thanks to the number of deals (370) and the total amount invested (€5.2 billion), which grew by 24% and 17% respectively compared to 2024; on the other hand, however, new fundraising marked a sharp slowdown. These are some of the findings of the Venture capital monitor active at Liuc - Cattaneo University, promoted with Aifi with the contribution of Intesa Sanpaolo Innovation centre, Kpmg, Cdp Venture capital Sgr and Iban, which has been monitoring the sector since 2008.

the data show a lively market, capable of mobilising capital and supporting a growing number of companies," emphasises Anna Gervasoni, Rector of Liuc and Director General of Aifi. "Despite a higher number of active operators (29 compared to 18 in the previous year), the total amount raised stopped at EUR 1.7 billion, down 40%. This means that more players have sought capital, but with lower average results. The overall picture therefore paints a picture in which the industry continues to invest thanks to the resources already available and above all to the contribution of international operators, which alone accounted for over three quarters of the amount invested. But the weakness of domestic funding raises a question mark over the sustainability of these volumes in the medium term: without new funding, it will be more difficult to maintain the same capacity to support the real economy.

Il fatto che il venture capital (Vc) italiano sia ancora sottodimensionato, rispetto ai principali peer come Francia e Germania, è emerso anche dall’ultimo paper di Banca d’Italia sul Vc (aprile 2025), secondo il quale nel triennio 2021-2023 gli investimenti in Vc nel nostro Paese sono stati pari a circa un quinto di quelli fatti in Francia e Germania. Mentre questi Paesi registrano investimenti in Vc pari allo 0,09% del Pil, l’Italia si ferma allo 0,03%, evidenziando un ecosistema ancora fragile e fortemente dipendente dal sostegno pubblico. Cercare risorse per elevare questo mercato è una priorità. Va in questa direzione l’obiettivo che si è posto il Governo già dal 20124 con la legge Concorrenza e poi con il decreto Economia, con cui è stato introdotto già dal 2025 - in virtù di un’esenzione fiscale per Casse e fondi pensioni - l’obbligo a rispettare soglie di investimenti qualificati da destinare al venture capital, pari ad almeno il 3% nel 2025, il 5% nel 2026 e almeno il 10% dal 2027

"The gap between Italy and the rest of the European countries can be attributed to two main factors: a still underdeveloped VC fund sector, and high difficulties in the exit phase of investments," emphasises Anna Lambiase, president of CdP Venture capital. "The start-up and presence of CdP Venture capital has marked a positive discontinuity, helping to strengthen the sector's infrastructure and stimulate greater attractiveness for private and international capital. To close the gap with European peers, it is crucial to act at all stages of the start-up life cycle, promoting innovation, facilitating access to capital and improving the conditions for exits.

The main problem, echoes Gervasoni, "is that our rounds are too small compared to international standards. We make a lot of investments, but with low average tickets, and this limits the ability of start-ups to grow and compete on a global scale. Three ingredients are needed to really give impetus: more dedicated capital, more institutional investors ready to believe in venture capital, and greater involvement of large companies, which in other countries fuel development through corporate venture capital. And then it is crucial to have a capital market that allows start-ups to reach exits and IPOs more easily, because without prospects of return it will always be difficult to attract significant resources.