Firms To Watch: Investment funds

Particularly focused on the alternative investment fund sector, Aster Avvocati Associati was co-founded in August 2023, by Andrea Venturini and Tommaso Pepe, both of whom are former Alma LED senior associates.

Investment funds in Italy

Alma LED

Alma LED is consistently sought out by both sponsors and LPs to advise on transactional work across the gamut of the alternative investment management industry’s asset classes. Examples include real estate, private equity, venture capital and private debt, along with credit funds, funds investing in blockchain, direct lending, and impact investment funds. Founding partner Alessandro Corno has significant experience in M&A, asset management, and investment funds and Celeste Cenedesi assists national and international clients with the structuring and setting up of alternative investment schemes for a range of asset classes.

Practice head(s):

Alessandro Corno

Other key lawyers:

Celeste Cenedesi


‘The team has in-depth expertise in close-end funds and boasts strong relationships with Italian and foreign watchdogs.’

‘Reliability and ability to be reactive to the requests of clients and the authorities.’

‘Fine-tunes activities that need to be done effectively.’

‘Alma has deep legal knowledge of regulatory topics. It also has an important network and a number of relationships that bring a business-level understanding of projects.’

‘Very modern and approachable.’

‘Alessandro Corno and Celeste Cenedesi are great for fund and management companies – really outstanding.’

Key clients

Fondo Italiano d’Investimento SGR S.p.A.

Bravo Capital Partners SA

Indaco Venture Partners SGR S.p.A.

Neuberger Berman Group

Equinox AIFM

European Investment Fund

CdP Venture Capital SGR S.p.A.

Clessidra Capital Credit SGR S.p.A.

Primo Ventures SGR S.p.A.

Quadrivio Group

Pradera Group

Star Capital SGR S.p.A.

European Investment Bank

Equita Capital SGR S.p.A.

Prometeia SIM S.p.A.

Riverrock European Capital Partners LLP

Gatti Pavesi Bianchi Ludovici

With ‘significant expertise in financial markets regulation‘, Gatti Pavesi Bianchi Ludovici‘s investment management and funds team routinely acts for domestic and non-domestic players on fund and investment management matters. The team’s expertise ranges from structuring to fundraising, and the negotiation of funds’ constitutional documents. It also advises on secondary transactions concerning alternative investment funds’ interests. Focused on assisting international funds with alternative investments that are developed through fund projects, Eriprando Guerritore has ‘peerless knowledge of the regulatory framework‘ and Claudio Saba advises on financial institution-related regulations and investment management.

Practice head(s):

Eriprando Guerritore

Other key lawyers:

Claudio Saba


The team has significant expertise in financial markets regulation and deal structuring.

Eriprando Guerritore is one of the most expert Italian lawyers in the asset management sector – great responsiveness and market knowledge.

Eriprando Guerritore is a very trustworthy professional and excellent negotiator. He always respects deadlines and is very committed to obtaining the best results for his clients.

The team led by Eriprando Guerritore is extremely responsive and the work done is accurate and detailed.

There is no detail that is not deeply analysed by Eriprando Guerritore.

Eriprando Guerritore has peerless knowledge of the regulatory framework, he is always clear in his responses, and helpful in suggesting practical solutions to sensitive legal issues.

Work highlights

  • Assisted Arcano with the structuring and development of its Italian partnership with Kitra.
  • Assisted ENPAP with its investment, as sole cornerstone investor, into a pan-European fund of fund platform, which was set up and managed by Step Stone.
  • Assisted RedTree Capital with the launch of its Italian closed-ended real estate reserved alternative investment fund, RTC Italy.

Legance - Avvocati Associati

The investment funds team at Legance - Avvocati Associati has an enviable market reputation for fund formation work. The group's assistance covers all asset management sector-related contractual, corporate and regulatory aspects; and the department is particularly active in relation to private equity and venture capital funds, as well as private debt and real estate funds. The practice is co-led by senior partner Enzo Schiavello and Barbara Sancisi, who are 'the most expert advisers in Italy in the fund formation/regulation space'. Also highly regarded, Riccardo Daguati is a collective asset management specialist.

Practice head(s):

Enzo Schiavello; Barbara Sancisi

Other key lawyers:

Riccardo Daguati


Barbara Sancisi and Enzo Schiavello are the most expert advisers in Italy in the fund formation/regulation space, and particularly smart during negotiation phases.

Enzo Schiavello has very strong knowledge of the industry.

Key clients

21 Investimenti SGR


Aksìa Group SGR

Alcedo SGR

Alto Partners SGR

Ares Management

Baker Hughes Capital Solutions


Castello SGR

CDP Venture Capital SGR

Chequers Capital

DeA Capital Alternative Funds

DeA Capital Real Estate SGR

Entangled Capital SGR


Ersel SGR

Eurizon Capital SGR

European Investment Fund

Fabrica Immobiliare SGR

FIEE SGR – Fondo Italiano Per Efficienza Energetica

First Capital


Fondo Italiano d’Investimento SGR

Forma Fund

Gardant SGR

HAT Orizzonte SGR





Morgan Stanley

Nextalia SGR

P101 SGR

Partners Group


PM&Partners SGR

Prelios SGR

Progressio SGR

Quantyx SIM

Quinta Capital SGR

Sagitta SGR

Sofinnova Partners

Tikehau Investment Management

Torre SGR

Ver Capital SGR

Wise Equity SGR

Work highlights

  • Assisted in relation with the structuring, establishment and fundraising of 21 Invest Italy IV, an Italian private equity fund managed by 21 Partners SGR.
  • Assisted Wise Equity SGR with the structuring, establishment and marketing, in Italy and abroad, of a private equity fund (Wisequity VI).
  • Assisted with the structuring, establishment and marketing, in Italy and abroad, of a fund of funds dedicated to venture capital investments across Europe (to be managed by CDP Venture Capital SGR).

Bird & Bird

Including former officers from the Supervisory Authorities, Bird & Bird‘s banking and financial markets regulation team practice is experienced in UCITS, as well as real estate, credit, and private equity alternative investment funds. The group is jointly headed by financial regulation specialist Raimondo Maggiore, an active adviser to Italian and international asset management companies on structuring real estate and private equity funds; and asset management and financial services expert Rossella Sansone. Sansone and Giovanni Bevilacqua, who assists fund managers with structuring investment products, are 'remarkable for their deep legal expertise'.

Practice head(s):

Raimondo Maggiore; Rossella Sansone

Other key lawyers:

Giovanni Bevilacqua; Giuseppe Strippoli


Extremely professional, engaging, and very collaborative to work with.

The attention to detail and understanding and knowledge of local market practices and requirements are key factors in clients’ continued engagement with Bird & Bird.

Focused on providing knowledge and solutions for all legal and regulatory requirements.

Being able to rely on their local knowledge is of significant comfort for clients.

Fully engaged and collaborative in terms of arriving at the desired solution for all parties, with the upmost of importance given to satisfying all local and regulatory requirements.

Raimondo Maggiore’s team is a real champion in the investment funds legal market.’

‘Rossella Sansone and Giovanni Bevilacqua are remarkable for their deep legal expertise.

Clients find the attention to detail, knowledge, professionalism and availability of Giovanni Bevilacqua to be a significant factor. Giovanni, from the outset, takes time to understand and help clients develop their own knowledge and requirements of the local market, while also taking time to understand their own operating models and preferred approach.

Key clients

Alternative Capital Partners SGR S.p.A.

Ambienta SGR S.p.A.

Amundi S.G.R.p.A.

Asset Management One International Limited

BCC Risparmio&Previdenza S.G.R.p.A.

BlackRock Group

Columbia Threadneedle Group

CREDEM Private Equity SGR S.p.A.

DeA Capital Real Estate S.G.R.p.A.

Deka Immobilien Investment GmbH

Euromobiliare Asset Management S.G.R. S.p.A.

Europa Risorse S.G.R.p.A.

Fideuram Investimenti S.G.R. S.p.A.

Goldman Sachs Group

illimity Società di Gestione del Risparmio S.p.A.

Invesco Management Group

InvestiRE S.G.R.p.A.

Investitori SGR S.p.A. (Allianz Group)

IQ EQ Fund Management (Ireland) Limited

Kairos Partners S.G.R. S.p.A.

Kryalos S.G.R.p.A.

Mediolanum Gestione Fondi S.G.R.p.A.

M&G International Investment Group

Pictet & Cie (Europe) SA

Polis Fondi S.G.R. S.p.A.

Prelios S.G.R.p.A.

Work highlights

  • Assisted InvestiRE SGR S.p.A. with the structuring, set-up and launch of a real estate alternative investment fund.
  • Assisted Amundi SGR S.p.A. in relation to the set-up and launch of a private equity alternative investment fund reserved for professional investors.
  • Assisted Polis Fondi SGR S.p.A. with the structuring, set-up and launch of an Italian real estate alternative investment fund.


Chiomenti‘s team routinely advises on the establishment of investment funds, along with transactions involving funds. The practice additionally leverages the expertise of the firm’s banking, insurance, real estate, corporate, tax, and finance departments. The team is jointly led by Vincenzo Troiano, whose wide-ranging practice includes the structuring of investment platforms and products, as well as private equity funds; and Alessandro Portolano, who is a highly-regarded specialist in banking, financial, insurance, payment services, and asset management regulations. Also key to the team are experienced practitioners Felice Azzollini and Flavia Pagnanelli.

Other key lawyers:

Felice Azzollini; Flavia Pagnanelli; Giuseppe Andrea Giannantonio


Great competence and knowledge of the market, business and authorities.

Vincenzo Troiano’s team is an outstanding performer in the investment funds legal market.

Flavia Pagnanelli stands out for her legal expertise and commercial sensitivity.

Flavia Pagnanelli is always available, and has deep knowledge of private equity best practices.

Key clients

Prelios SGR

QuattroR SGR


Lendlease Group

Lendlease Italy SGR

Silver Fir SGR


Ardian France S.A.

CDP Real Asset SGR

Torre SGR

Savills Investment Management SGR

Investire SGR

Coima SGR


Kervis SGR

Castello SGR


CDP Venture Capital SGR

Allianz Real Estate S.p.A.

Work highlights

  • Assisted the Lendlease Group in relation to the setting up of a reserved real estate alternative investment fund.
  • Assisted F2i SGR in relation to the subscription of units (by multiple institutional investors) of a private equity fund focused on investment in Italian infrastructure.
  • Advised CDP Real Asset SGR  on the extension of its authorisation.

Clifford Chance

In addition to benefiting from its integration with the firm’s regulatory practice, Clifford Chance‘s funds team routinely leverages the expertise of its corporate, banking, finance and tax colleagues. The group is highly experienced in UCITS products, as well as AIFMD investment vehicles for private equity, real estate, and private debt and credit. Lucio Bonavitacola specialises in banking and financial regulations, along with fund-related matters and Alberto Claretta Assandri is an expert in fund formation and regulatory issues. Giorgio Di Stasio and Iolanda D’Anselmo are other key figures to note.

Practice head(s):

Lucio Bonavitacola

Other key lawyers:

Alberto Claretta Assandri; Giorgio Di Stasio; Iolanda D’Anselmo


Strong multi-jurisdictional team of investment fund lawyers.

Key clients

LaSalle AIFM Europe

F2i SGR S.p.A.

Zencap Asset Management

Kartesia Management

CBRE Investment Management

Generali Real Estate

Cassa Depositi e Prestiti



Work highlights

  • Advised LaSalle AIFM Europe on the structuring and establishment of an Italian lending platform (dedicated to insurance companies and pension funds).
  • Advised on the structuring of a pan-European debit/credit fund.
  • Assisting with the Italian authorisation procedure to obtain the required permit to engage in lending business (through three different French funds).


Advising throughout the lifecycle of funds, CMS‘ Italian practice covers fund formation, regulatory and transactional work. The group covers a wide range of investment funds, including UCITs; and it is particularly specialised in alternative funds, such as private equity, real estate, and energy infrastructure funds, as well as hedge, venture capital, and credit and debt funds. The department is jointly led by Paolo Bonolis, who acts for funds on regulatory and transactional matters, while Andrea Arcangeli specialises in alternative investment funds. Alfredo Gravagnuolo also advises on investment fund regulation matters.

Practice head(s):

Paolo Bonolis; Andrea Arcangeli

Other key lawyers:

Alfredo Gravagnuolo; Massimo Trentino

Key clients

AIMCo (Alberta Investment Management Corporation)

Heritage Capital Partners

ENPACL (Ente Nazionale Previdenza e Assistenza Consulenti del Lavoro)

Optimum Asset Management

Work highlights

  • Assisted AIMCo in relation to a partnership with Pinebridge Benson Elliot LLP and the launch of a real estate alternative fund managed by Europa Risorse SGR.
  • Assisted Heritage Capital Partners with the launch of a new fintech fund of funds.

DLA Piper

The investment management and funds practice at DLA Piper‘s Italy offices is active in relation to funds investing in real estate assets (including social housing and student accommodation), infrastructure, healthcare, renewables, credit, seed capital, and private equity. Team head Agostino Papa is experienced in financial and banking regulation, while legal director Nicoletta Alfano is an asset management and financial services regulation expert. Other key figures are senior lawyer Edoardo Campo, who 'combines legal expertise with commercial sensitivity perfectly'; and Eusapia Simone, who assists with special transactions, authorisations, and restructurings.

Practice head(s):

Agostino Papa

Other key lawyers:

Nicoletta Alfano; Edoardo Campo; Eusapia Simone


Client focus, proactive, prepared for all relevant issues, and meets deadlines.’

Solutions in line with clients’ rules and regulations.

Excellent preparation. Always manages to satisfy all requests and resolve all issues, even the most difficult ones.

Agostino Papa’s team stands out for its deep legal expertise, innovation and commercial sensitivity.

Edoardo Campo combines legal expertise with commercial sensitivity perfectly.

Eusapia Simone is a lawyer with great interpersonal skills and very client oriented.

Key clients

Colliers Global Investors Italy SGR S.p.A.

BFF Bank S.p.A.

Xyence Capital SGR S.p.A.

Credem Venture Capital SGR S.p.A.

Invimit SGR

Hines Italy RE

Generali Investment Partners SGR S.p.A.

DeA Capital Alternative Funds SGR S.p.A.

DeA Capital Real Estate SGR S.p.A.

CDP S.p.A.

Canadian Solar Group

Prelios SGR S.p.A.

JP Morgan Asset Management (UK) Limited

CDP Venture Capital SGR S.p.A.

CDP Real Asset SGR S.p.A.

Investitori SGR S.p.A. (AIFM belonging to the Allianz Group)

Patrizia Invesmtent Management S. à r.l.


UBS Asset Management SGR S.p.A.

Generali Real Estate SGR S.p.A.

Work highlights

  • Advised Hines on the structuring of an investment transaction carried out through a joint venture with Oaktree Capital Management, which concerned the acquisition of a real estate complex in Milan.
  • Assisted Canadian Solar in relation to a complex investment transaction involving an investment in an Italian REIF called CSFS I.
  • Assisted CDP S.p.A. in relation to the investment activities of Fondo Nazionale Ristrutturazioni Imprese – Comparto indiretto.

FIVELEX Studio Legale e Tributario

FIVELEX Studio Legale e Tributario‘s finance, banking and insurance department has significant expertise in financial regulatory matters, as well as capital markets and M&A transactions. The team also assists with the structuring and implementation of collective investment management schemes, along with the establishment of units in Italian and foreign funds, Francesco Di Carlo 'demonstrates a remarkable ability to think outside the box'; Francesco Mantegazza is a domestic and international taxation specialist; Edoardo Guffanti acts for banks, and investment, asset management and insurance companies; and Flavio Acerbi 'has outstanding knowledge'.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti; Francesco Mantegazza

Other key lawyers:

Flavio Acerbi; Debora Gobbo


Exceptional expertise in investment funds, deep understanding of regulations, and creative problem-solving consistently set them apart.

Its proficiency in navigating the complexities of investment fund regulations is invaluable.

They possess an in-depth knowledge of the ever-evolving regulatory landscape, ensuring that investments are always compliant and optimised for success.

Outstanding professional ethics, efficiency and kindness are the qualities that always make them clients’ preferred choices.

Francesco Di Carlo – what truly distinguishes him is his creativity when it comes to innovative solutions. When faced with unique challenges or opportunities in the investment fund arena, he consistently demonstrates a remarkable ability to think outside the box.

Francesco Mantegazza and his team are unique professionals, who always make themselves available for any queries and any explanations, even if not strictly related to the agreed mandate.

Francesco Mantegazza is a fantastic professional.

Flavio Acerbi has outstanding knowledge, is always available, and very responsive.

Key clients

Assicurazioni Generali Group

Alkimis SGR S.p.A.

Clessidra Group

Consultinvest Group

Vontobel Group

Ersel Group

Kairos Group (in particular, Kairos Partners SGR)

BNP Paribas REIM SGR S.p.A.

PGIM Limited (prudential financial group)

Milano Investment Partners SGR S.p.A.

Greenstone SICAF S.P.A.

Real Step SICAF SGR S.p.A.

Insec Equity Partners SGR S.p.A.

Xenon AIFM S.A.

Endeka SGR S.p.A.

Freo Investment Managers S.à r.l.

Kryalos SGR S.p.A.



Primonial REIM SGR S.p.A.

Castello SGR S.p.A.

Work highlights

  • Assisted Generali Investments Holding with a complex project aimed at creating a fund manager that is focused on sustainable infrastructure investments.
  • Assisted RealStep SICAF with the setting up of Compartment 4, which is dedicated to development and income-generating management investments in real estate complexes.

Gianni & Origoni

The investment fund division of Gianni & Origoni‘s financial market regulation department advises on a range of asset management work, particularly the establishment of investment funds. Examples include open and closed-ended funds, UCITS, SICAF, and SICAVs. The team is jointly led by Luxembourg desk head Emanuele Grippo, who advises on investment services, asset management, pension funds, securities regulation, and structured finance; real estate expert Davide Braghini; and financial markets, corporate finance and equity capital markets specialist Paolo Bordi. Promoted to partner during 2022, Raffaele Sansone 'stands out for his client-oriented attitude'.

Practice head(s):

Paolo Bordi; Emanuele Grippo; Davide Braghini

Other key lawyers:

Raffaele Sansone; Floriana Sarra; Claudia Colomba


Great competence, support and presence.

A tight-knit team with broad experience in a wide range of topics.

Deep understanding of the relevant markets and knowledge of the banking and asset management sector – genuine client-oriented focus and availability are the key qualities.

Emanuele Grippo has deep knowledge of the legal framework and the Regulator’s approach.

Emanuele Grippo is always available when needed.

Emanuele Grippo is a problem solver. Excellent knowledge of technical aspects.’

‘Emanuele Grippo works with clients as a partner and has strong negotiation skills. He has the great ability to make everyone comfortable.

Raffaele Sansone is very talented and fully oriented towards finding the most suitable solution. Always available, tries to make things easier, and really stands out for his client-oriented attitude.

Key clients



Arcadia SGR S.p.A.

Armònia SGR S.p.A.

Azimut Libera Impresa SGR S.p.A.


Capital Dynamics SGR (ex Advanced Capital SGR S.p.A.)

Coima SGR

Fideuram Investimenti SGR S.p.A.

Fineco Asset Manager

GAM (Italia) SGR S.p.A.

Goldman Sachs Asset Manager

Green Arrow (ex Quadrivio)

Innogest SGR

Nb Aurora

Neuberger Berman

Partners Group Limited


Riello Investimenti SGR

Robeco Asset Manager


Tikehau Capital

UTI Asset Management

Lumen Ventures

Levante Capital

Deutsche Bank

Banca Generali

Euromobiliare Asset Manager SGR

Eurizon Capital Real Asset SGR

Foresight Group


Legal & General (ex ETF Securities (UK) Limited)

Hamilton Lane

Work highlights

  • Assisted Armònia SGR with setting up and launching the Armònia Italy Fund II, an alternative investment fund reserved to professional investors.
  • Assisted AVM Gestioni SGR with setting up Rialto I EuVECA, a venture capital fund aimed at investing in start-ups and SMEs.

Hogan Lovells International LLP

Advising asset management companies, investment funds, investment firms and banks, Hogan Lovells International LLP‘s practice  advises on a broad spectrum of regulatory work. The team is particularly expert in UCITS, AIFMD, MiFID II, and AML matters. Qualified in Italy, the UK and the US, Jeffrey Greenbaum, who leads the firm's Italian financial services and asset management group from Rome, focuses on the authorisation, distribution and regulatory aspects of financial entities, as well as regulatory inspections. Elisabetta Zeppieri's clients include major banks, payment institutions, e-money institutions, and financial intermediaries.

Practice head(s):

Jeffrey Greenbaum

Other key lawyers:

Elisabetta Zeppieri

Key clients

MFS Investment Management Company (Lux) S.à.r.l.

FE Fundinfo

Redwheel Funds

LGT IM Funds



Pedersoli Studio Legale and Gattai, Minoli, Partners merged in January 2024 to become PedersoliGattai – its investment funds offering remaining part of the firm’s financial institutions department. The group assists domestic and foreign clients with the authorisations for asset manager incorporations and the establishment of alternative investment funds. Experienced in assisting asset managers, investment funds and investors on transactions and on the regulatory side, Giovanni Bandera leads the financial institutions and tax departments; and Giovanni Giuliani (at ADVANT Nctm until April 2023) assists with private equity and real estate investment fund-related structuring and fundraising.

Practice head(s):

Giovanni Bandera; Giovanni Giuliani

Other key lawyers:

Andrea Calvi


Very good knowledge of this area with a commercially-oriented approach.

Always available and competent – good negotiation skills.

Innovative, but with strong legal skills – the team is a reliable partner for complex transactions.

Giovanni Giuliani is clever and always supportive – he speaks frankly and replies quickly. Helps clients reach their goals.

Key clients

Anthilia Capital Partners SGR

Ver Capital SGR

EnVent Capital Market Limited

Endeka SGR S.p.A.

Clessidra Capital Credit SGR

Ardian France SA

Lendlease Group

Prelios SGR

Green Stone SICAF

Dea Capital RE SGR

Investire SGR

CDP Venture SGR

Kervis SGR

Colliers Global Investors Italy SGR

TeamSystem Capital at Work SGR

Hedge Invest SGR

Work highlights

  • Advised Anthilia Capital Partners SGR on the establishment of the Anthilia GAP alternative investment fund.
  • Advised Ver Capital SGR on the authorisation process for the management and establishment of a fund called Ver Capital ELTIF Italia.
  • Advised EnVent Capital Market Limited on the set-up of an Italian subsidiary, in the form of a Società di Intermediazione Mobiliare.

Simmons & Simmons

Simmons & Simmons‘ financial services regulatory practice in Milan routinely acts for major brokerage houses, investment exchanges, investment banks, commodity traders, asset management companies, and general insurance and life assurance companies. The recent work of experienced financial markets Italian practice head, Romeo Battigaglia, who also heads up the financial services regulation group, includes obtaining several local licenses for UK-based MiFID firms and credit institutions. The firm’s Italy alternative funds group head, Andrea Tonon, focuses on private equity, private debt, venture capital, real estate, funds of funds, co-investment funds, and infrastructure funds.

Practice head(s):

Romeo Battigaglia; Andrea Tonon

Key clients

Allianz Global Investors


BNP Paribas

Deutsche Bank

F&C Management





Fondo Italiano di Investimento SGR

Merito SGR



Eidos Partners


LeadCrest Capital

Illimity SGR

Crédit Agricole Italia

Studio Legale Cappelli RCCD

Studio Legale Cappelli RCCD‘s financial service regulation department is experienced in structuring and establishing investment funds, including credit, restructuring, turnaround, direct lending, real estate, private equity, and venture capital funds. The group also notably benefits from the firm’s experience in advising on banking, insurance and financial regulation. Gabriele Buratti, who specialises in banking, finance and collective asset management, co leads the group alongside Milan and London-based Alberto Del Din.

Practice head(s):

Gabriele Buratti; Alberto Del Din

Other key lawyers:

Alessandra Davoli

Key clients

Hines Italy RE S.r.l.

CdpI SGR S.p.A.

Cdp Venture Capital SGR S.p.A.

Nextalia SGR S.p.A.

Fondo Italiano Investimenti SGR S.p.A.

Blue SGR S.p.A.

illimity SGR S.p.A.

Dea Capital Alternative Funds SGR S.p.A.

Pillarstone S.p.A.

Torre SGR S.p.A.

Prelios SGR S.p.A.

Banor Alternative Assets Sicav

Azimut Holding S.p.A.

Work highlights

  • Assisted both Unicredit and Azimut Holding with the structuring of a commercial partnership aimed at strengthening and developing UniCredit’s asset management strategy.
  • Assisted illimity SGR S.p.A. with the establishment of an Italian alternative investment fund called “illimity Capitale Rilancio” – iCR.
  • Assisted Hines Italy RE S.r.l, on behalf of HEPP Real Estate Fund S.à r.l. SICAV-RAIF, with the structuring of a transaction consisting in the investment by HEPP in a to-be-set-up Italian reserved real estate alternative investment fund.


Comprising experts from the firm's corporate, real estate, tax, M&A, and banking and finance practices. Dentons‘ Italian team is particularly focused on the establishment of real estate, private equity and credit funds. Heading up the financial services practice in Italy, Alessandro Engst acts for banks, fund managers, investment firms, insurance companies, payment institutions, fintech companies and pension funds on regulatory matters. Engst also assists with the establishment of investment funds.

Practice head(s):

Alessandro Engst


The team’s strengths are its proactivity and ability to respond quickly to clients’ needs, even during very complex projects.

The team is always aware of the latest laws and regulatory updates.

Alessandro Engst – extremely expert, precise and professional, and recognised by the market.

Key clients


Eurizon Capital SGR

DeA Capital Real Estate SGR


Orion Capital Managers


Castello SGR


Value Italy SGR

Threestones Capital Management



Quinta Capital SGR

Fort Partners

Kervis SGR

Finlombarda SGR

Fattal Hotel Group

BNP Paribas REIM Italy SGR

The Student Hotel



Work highlights

  • Assisting Mediobanca with its first-of-their-kind transactions concerning the set-up of real estate investment funds (aimed at providing access to trophy assets to the bank’s ultra-high-net-worth clients).
  • Assisted Fidelity with the listing process of five thematic sub-funds of Fidelity UCITS ICAV on the Borsa Italiana’s ETF-plus market.
  • Assisted Fuchs Asset Management, as manager of Luxembourg fund Summus Fund S.A. SICAV-RAIF, with the launch of direct lending activity in Italy by Summus Fund One.

GIM Legal

GIM Legal‘s wide-ranging practice regularly advises asset management companies and investment managers on their establishment in Italy. The firm also fields specialists in UCITS and alternative reserved funds. Founder and managing partner Luigi Rizzi is a renowned investment funds regulation expert and former CONSOB regulator; and the track record of the firm's operations partner, Sergio Beretta, includes the incorporation of numerous real estate, private equity and venture capital funds.

Practice head(s):

Luigi Rizzi

Other key lawyers:

Sergio Beretta; Marco Corica; Manuela Rasori; Emanuele D’Auria

Key clients

Dea Capital RE SGR

Atlas Capital SGR

GWM Group

Euregio Plus SGR

Kervis SGR

IAM Capital Plc

Sagitta SGR

Linklaters Studio Legale Associato

Linklaters Studio Legale Associato‘ Italian team routinely advises investment managers on fund formations and financial regulation. The practice is routinely mandated by Bain Capital Credit for the structuring and establishment of Italian real estate and credit sector-related funds. The Milan office’s structured finance and financial regulatory practices are led by Dario Longo, whose practice covers the entire cycle of financially regulated assets. Flanking Longo, Emanuele Umberto Auriliahas remarkable legal and commercial expertise‘.

Practice head(s):

Dario Longo

Other key lawyers:

Emanuele Umberto Aurilia; Samuele Manfredo Pio


It’s legal and commercial expertise make the team a reliable partner to work with.

Emanuele Umberto Aurilia has remarkable legal and commercial expertise.

Key clients

GARBE Industrial Real Estate

Union Investment

Davidson Kempner Capital Management

Prelios SGR

Cromwell Property Group

PGIM Real Estate

Macquarie Asset Management

Bain Capital Credit Ltd

Three Hills Capital Partners (THCP)

Boreal IM Ltd

Cadillac Fairview (Ontario Teachers’ Pension Plan)


Work highlights

  • Advised Macquarie Asset Management on the structuring and formation of an Italian real estate investment fund named Callisto.
  • Advised Cadillac Fairview and Boreal IM Ltd on the structuring and establishment of an Italian fund, which will serve as an Italian investment platform focused on logistic assets.
  • Advised Bain Capital Credit on the structuring and establishment of an Italian fund structure, managed by Cromwell Investments Sarl.