From savings to SMEs: 1,500 billion ready to grow
Over EUR 1,500 billion. This is the value of Italia's savings that remain parked in forms of liquidity with zero or low yield. A figure that, according to Assogestioni, if activated even in part, could represent an extraordinary lever to support economic growth, strengthen the capital market, and facilitate corporate financing. Italians confirm that they are great savers, but remain disinclined to invest. In Europe, on the other hand, where the household savings rate is around 14-15% of disposable income, as shown by Eurostat analyses, the greater spread of investments contributes to channelling a larger share of resources towards the real economy and markets.
In the face of impressive but stagnant wealth, Italy is characterised by a productive fabric made up of small and medium-sized businesses that are often undercapitalised, and need economic resources and skills to make the leap to size. Private equity is emerging as the meeting point between these two realities, the asset that can transform liquidity into real economy. A concrete opportunity for private investors, capable of both driving the growth of young companies and facilitating delicate phases in the life of more structured family businesses, such as the generational handover.
The international context, for operators, is pushing in this direction. Listed markets are steadily losing their appeal as a window on corporate growth: in the United States, the number of listed companies has fallen from over 8,000 at their peak in 1996 to around 4,000 today, a decline documented by the World Bank. Moreover, companies are staying private much longer: according to data from the University of Florida, the median age of companies at the time of listing was 5 years in 1999 and has risen to 12 years in 2025, peaking at 14 years in 2024. A trend that in Italia is reflected in the continuous delisting at Piazza Affari and the decline in the number of IPOs, between the main list, which is stationary, and the Euronext Growth Milan, dedicated to SMEs. The topic is extremely topical and contributes to making private markets an ideal solution for accessing the real potential of the real economy.
The Italian lag
Italy's savers are structurally underexposed to private assets compared to their European and Anglo-Saxon counterparts. According to an analysis based on the Financial Accounts published by the Bank of Italy, portfolios reflect widespread prudence in the choice of assets, with 8% invested in bonds and only 4% in listed shares. In addition to historical reasons, the strong emotional volatility also has an impact, often leading to the confusion of sector-specific shocks, such as the tensions on US private debt linked to the tech world affected by artificial intelligence, with a structural crisis of the entire asset class.
The current context, however, according to traders, is particularly favourable for those seeking additional yield in a complex market. The volatility of equity markets makes the illiquid component of the portfolio even more valuable, which becomes a kind of dam capable of taking a portion of capital away from market trends and tying it to disciplined planning. Private equity makes it possible to add a structural extra-return with respect to listed markets, to diversify into assets not correlated to indices, and to channel resources towards the real economy, towards those SMEs that are the backbone of Italia's production system but that hardly find space in a list whose capitalisation is concentrated among financial securities and utilities. And it is precisely here that the main opportunity lies: the gap with the Anglo-Saxon markets leaves Italian private assets enormous room for growth, with benefits for investors and businesses.
The favourable regulatory wind
Also on the regulatory front, the environment has changed. Eltif 2.0, the overhaul of the European long-term investment vehicle, has resulted in over 300 new registered funds, with as many awaiting authorisation from the Luxembourg authorities. The 'Saving and Investment Union' and the very recent reform of the Italian Testo Unico della Finanza complete the regulatory framework: 'partnership companies', a new legal form designed to finance the real economy, are being created, and authorisation procedures for SGRs are being eased. At the same time, instruments such as the alternative Pir offer an interesting fiscal guise: still not very widespread, around 3 billion in funding as opposed to the 24 of the ordinary ones, but with significant potential for the long-term wealth planning of private clients.
Credem Euromobiliare Private Assets: twenty years of Italian SMEs
Private equity, therefore, has characteristics that can transform it into a lever for investor diversification and SME growth. A decisive role is played by the consultants and partners that accompany companies along this path. This is the case, for example, of the Credem Group, which boasts some twenty years of experience in this field. In 2026, convinced of the structural solidity of the asset class for the next decade, the Group took a further step: transforming Credem Private Equity into the specialist hub for the entire group, renaming it Credem Euromobiliare Private Asset. The new structure operates on two lines: direct management (investing directly in the capital of Italian SMEs, supporting entrepreneurs with capital and managerial skills) and indirect management, through the selection and placement of third-party products with pre-selected international partners. A model that aims to offer clients a broad diversification in terms of time horizon, geography and sector, while maintaining direct knowledge of the productive fabric of Italia at the centre.
The approach is based on the ability to recognise an intuition before it becomes obvious, to flank the entrepreneur without stifling his or her autonomy, and to bring, in addition to capital, managerial and financial skills, networks of relationships and support in M&E operations that the entrepreneur alone would find hard to manage.
From Arcaplanet to Vista Vision, success stories
An approach that has proved successful and is directly reflected in the corporate history of internationally established companies. This is the case of Arcaplanet, for example. At the end of 2005, after the first ten years of activity, the founding partners decided to open their capital to the Credem Venture Capital fund, which underwrote a capital increase for 60% of the company. Thus began the transformation of a small chain of seven shops specialised in pet care, concentrated around Chiavari, into a real chain of supermarkets specialised in animals, on an Anglo-Saxon model, with large spaces, competent staff and a wide assortment dedicated to all types of pets. Accompaniment by Credem transformed the Ligurian reality into the European leader in the sector.
Equally significant is the story of Vista Vision, founded in 2003 by Stefano Zanchi and Mario Salmeri to take over the Milan ophthalmology facility of the Canadian multinational they worked for and transform it into a new reality, averting the risk of closure. The surgical ophthalmology market in Italia is fragmented, dominated by small, independent facilities, and there is room to build a quality network offering ophthalmologists state-of-the-art space and equipment that would require an unjustified investment on the part of the individual doctor.
The two entrepreneurs have been working for years to revive the Milan facility, attracting a growing number of ophthalmologists and opening clinics in other regions of Italia. Out of opportunity, not systematic planning, comes expansion into Romania.
In December 2020, the meeting with Credem. Vista Vision generates around 20 million in turnover, but fears that the big European ophthalmology players may soon enter Italia and turn local businesses into easy prey. The choice is clear: find a financial partner that will accelerate growth, but retain control of the company. They therefore allowed Credem Euromobiliare Private Asset to take over a minority stake with a capital increase and were supported by the team's managerial skills. The result exceeded expectations. In less than four years, Vista Vision has invested over 35 million euros - 27 of which in acquisitions - opening 6 new clinics in regions where it was absent and launching new facilities in Florence and Bologna. Turnover has reached 75 million in 2025, with a projection to exceed 100 million in 2026 thanks to the latest M& A operations. Employees have grown from a few dozen to over 200 in Italia and Romania.
