Firms To Watch: Investment funds

In October 2021, Studio Legale Cappelli RCCD‘s Rome office was joined by former Chiomenti managing counsel Gabriele Buratti, a specialist in banking, finance, investment, insurance and collective asset management regulation, as a partner.

Investment funds in Italy

Alma LED

Alma LED handles transactions across the alternative investment management space. The team’s specialisms range from real estate, private equity and venture capital to private debt, credit funds and blockchain matters. It also advises on direct lending and impact investment funds. The expertise of founder Alessandro Corno, who ‘has a great network‘, covers M&A, asset management and investment fund matters. Providing notable support at senior associate level are Tommaso Pepe and Andrea Venturini, who are both particularly focused on private equity and venture capital funds, while Celeste Cenedesi‘s ‘alternative funds knowledge is deep‘.

Practice head(s):

Alessandro Corno

Other key lawyers:

Tommaso Pepe; Andrea Venturini; Celeste Cenedesi


Alma is the best team clients can find in Italy when they have regulatory issues.

High-level competence, plus an important network and a business attitude that makes the team the right partner to approach for any difficult or innovative topic.

Great people, billing and collaboration – the best clients can get when starting up a new business, or when they have to understand and resolve unexpected issues.

Highly collaborative.

Deep knowledge of the Italian financial industry and the related complex regulatory framework.

Alessandro Corno has a great network and deep understanding of business – this makes him a perfect soundboard, not only for legal arguments.

Alessandro Corno is one of the market’s most appreciated professionals for assistance to Italian GPs.

Celeste Cenedesi’s alternative funds knowledge is deep.

Key clients


Arcadia SGR

Blacksheep Ventures

Bravo Capital

CDP Venture Capital SGR

Clessidra Private Equity SGR

Clessidra Capital Credit SGR

Equinox AIFM

Equita Capital SGR

Eureka! Venture SGR

European Investment Bank

Finanziaria Internazionale Investments SGR

Fondo Italiano di Investimento SGR


Indaco Venture Partners SGR


Leonardo Global Solutions

Neuberger Berman


P101 SGR

Pradera Group

Primomiglio SGR

Riverrock European Capital Partners

Quadrivio Group

Star Capital SGR

Tristan Capital Partners

Vertis SGR

XGen Venture SGR


Gatti Pavesi Bianchi Ludovici

Fielding an ‘expert team handling investment funds work‘, Gatti Pavesi Bianchi Ludovici‘s investment management and funds department is consistently instructed by major domestic and international clients. The practice focuses on key alternative asset classes, such as private debt, private equity, real estate and venture capital. Clients additionally benefit from its expertise in cross-border deals, in addition to full-service advice on the life cycle of investment funds. ‘One of the best investment fund lawyers in Italy‘, team head Eriprando Guerritore‘s practice includes advising international funds on alternative investments.

Practice head(s):

Eriprando Guerritore


The team has an approach that is attentive to clients’ needs, and very focused on finding innovative solutions that are in line with best practices.

Gatti Pavesi Bianchi Ludovici has a strong presence on the market and an expert team handling investment funds work.

Capable of guaranteeing full-time availability with great commitment to closing transactions.

The team is highly skilled, has great knowledge of this sector, and is very responsive.

Eriprando Guerritore is constantly up to date on the legal market’s trends involving investment funds, and is always available and fast when responding to clients.

Eriprando Guerritore is one of the best investment fund lawyers in Italy, and has very broad expertise (gained from almost 20 years in the industry).

Eriprando Guerritore is very pragmatic, and capable of finding the most efficient and safe solution for clients.

Eriprando Guerritore handles highly complex and first-of-a-kind fund projects in a fast and business-oriented manner.

Work highlights

  • Assisted Euryale with the launch of an Italian closed-end real estate alternative investment fund called Euryale Healthcare Italia 1.
  • Assisting SNAM with its investment into a new umbrella venture capital fund called Corporate Partners I.

K&L Gates

Definitely one of the leading law firms for asset management matters‘, K&L Gates‘ practice has a strong track record of advising alternative investment fund managers, sponsors and investors. The practice assists with structuring and establishing investment funds involving private equity, venture capital, private debt, UTPs and NPLs, along with real estate and social housing. It is also sought after for its advice on clients’ day-to-day activities. Since publication, Giovanni Meschia and Rodolfo Margaria left the firm.

Other key lawyers:

Marcella Gigante


Excellent knowledge of market trends, investors’ key requirements, and the mechanics of funds.

K&L Gates is definitely one of the leading law firms for asset management matters. It has deep knowledge of almost all the issues that an asset manager might face, and even greater knowledge of the market standards and practices, which is extremely helpful.

Key clients

Fondo Italiano d’Investimento SGR

European Investment Fund

DeA Capital Real Estate SGR

Anima Alternative SGR

United Ventures SGR

CDP Venture Capital SGR

Finanziaria Internazionale Investments SGR

Kyip Capital SGR


Eidos Partners

Prana Ventures SICAF EuVECA

The Techshop SGR

Aquileia Capital Services

Green Arrow Capital SGR

Kairos Partners SGR

Equita Capital SGR

Italian Angels for Growth

Indotek Group

CreaRE Group

Fondaco SGR

Work highlights

  • Assisted the European Investment Fund with a number of investments in Italian venture capital and private debt funds.
  • Assisted Kyip Capital SGR with the structuring and fundraising of its first Italian private equity fund (Kyip Investment Fund).
  • Assisted United Ventures SGR with the structuring and fundraising of its Italian venture capital fund (UV T-Growth).

Legance - Avvocati Associati

Legance - Avvocati Associati‘s investment funds practice advises asset management firms, shareholders and investors on the planning, structuring, formation and marketing of investment funds. Its specialisms cover private equity, venture capital, private debt, real estate, and other funds investing in illiquid assets. ‘A pioneer in the Italian funds industry‘, Enzo Schiavello‘s expertise includes the formation and restructuring of licensed investment managers, and Barbara Sancisi‘s broad practice covers fund formations, secondary transactions, investments, governance and compliance. Collective asset management expert Riccardo Daguati was made counsel in March 2022.

Practice head(s):

Enzo Schiavello; Barbara Sancisi

Other key lawyers:

Riccardo Daguati


Leading team in the Italian market.

Always competent, available, and able to understand the different situations that arise during negotiations.

Enzo Schiavello is a pioneer in the Italian funds industry.

Enzo Schiavello is probably the go-to lawyer for the funds industry in Italy, with longstanding experience – he is someone who has seen it all and knows the regulations and approach of the regulators inside out.

Key clients

21 Investimenti SGR


Aksìa Group SGR

Alcedo SGR

Alto Partners SGR

Ares Management

Baker Hughes Capital Solutions


Castello SGR

CDP Immobiliare SGR

CDP Venture Capital SGR

Chequers Capital

DeA Capital Alternative Funds

DeA Capital Real Estate SGR

Entangled Capital SGR


Ersel SGR

European Investment Fund

Fabrica Immobiliare SGR

FIEE SGR – Fondo Italiano Per Efficienza Energetica

First Capital

Fondo Italiano d’Investimento SGR

Forma Fund



HAT Orizzonte SGR



Incus Capital





Morgan Stanley

Nextalia SGR

P101 SGR

Partners Group


PM&Partners SGR

Prelios SGR

Progressio SGR

Quantix SIM

Sagitta SGR

Sofinnova Partners

Tikehau Investment Management

Torre SGR

Ver Capital SGR

Wise Equity SGR

Work highlights

  • Assisted Pillarstone with the structuring and fundraising of a turnaround fund.
  • Assisted Alcedo SGR with the structuring and fundraising of the Alcedo V fund.
  • Assisted Fondo Italiano d’Investimento SGR with the launch of a Luxembourg private equity investment fund.


Acting for major managers and investors, ADVANT Nctm‘s investment funds team advises on the structuring, marketing and management of collective investment schemes. Notable specialisms include real estate, private equity, venture capital, impact investing, infrastructure, energy, and other alternative asset classes. Giovanni Giuliani‘s broad practice includes the structuring, establishment and fund-raising process for private equity and real estate investment funds. Vito Bisceglie is an expert in contribution, sale and purchase deals through investment vehicles, particularly real estate and alternative investment funds, and Danilo Quattrocchi is a regulatory compliance specialist.

Practice head(s):

Giovanni Giuliani

Other key lawyers:

Vito Bisceglie; Danilo Quattrocchi; Jacopo Pisani


Good organisation from well-structured teams with total dedication to the client and its needs.

One of the main positive aspects of the team is its availability to clients, as well as its ability to be always up to date on real estate market and regulatory news.

Flexibility and knowledge of the Italian regulatory framework characterise the NCTM approach.

Giovanni Giuliani is extremely expert and professional.

Giovanni Giuliani is skilled and smart – he understands clients’ requirements and translates them into practice.

Giovanni Giuliani is an excellent lawyer with in-depth knowledge of Italian and European legislation.

Giovanni Giuliani is very proactive, and always available to deal promptly with various requests at short notice.

Giovanni Giuliani provides excellent and valid structuring solutions for the establishment of funds, and is always attentive to both business and regulatory requirements.

Key clients

Ardian France

Lendlease Group

Prelios SGR

Swiss Life Asset managers

Savills SGR

CDP Venture SGR


Dea Capital Real Estate SGR

Kervis SGR

Colliers Global Investors Italy SGR


Sorgente SGR

Crestline Investors LP


Investire SGR

The European Energy Efficiency Fund

Banco BPM

Work highlights

  • Advised DeA Capital, De Agostini and DeA Capital Real Estate SGR on the set-up of a framework agreement to govern a strategic operating partnership in the Italian real estate market between CPI Property Group, Nova Re SIIQ and DeA Capital.
  • Assisted Sorgente SGR (under extraordinary administration and under the control of the supervisory authority) with its sale as a going concern, including the management of its funds.
  • Assisted the European Energy Efficiency Fund with the authorisation process with Banca d’Italia for the provision of direct lending activities in Italy.

Bird & Bird

Among the leading law firms in the investment funds space‘, Bird & Bird‘s banking and financial markets regulatory practice fields experts in investment funds, who advise both national and international management companies and investors. The group is particularly active in relation to UCITS and real estate AIFs, along with regulatory and compliance issues. The team is jointly led by financial regulation expert Raimondo MaggioreRossella Sansone, who is experienced in asset management and financial services; and Stefano Febbi, a specialist in banking, financial services and insurance regulation. Counsel Giovanni Bevilacqua is ‘extremely knowledgeable‘.

Practice head(s):

Raimondo Maggiore; Stefano Febbi; Rossella Sansone

Other key lawyers:

Giovanni Bevilacqua


Bird & Bird is a strong partner for building and finalising complex transactions.

The team’s attention to detail on transactions (from a client’s perspective) is to a high standard, and the co-ordination and management of both transactional and regulatory matters is focused.

In addition to having a high level of knowledge, the team is exceptional because it knows the client’s business in depth. It always finds the best solution for client’s needs.

Clients working with Rossella Sansone’s team will never before have dealt with such experts in the subject! They are very good, always attentive to clients’ needs, and punctual with deadlines.

Giovanni Bevilacqua shows attention to detail, constant engagement and a proactive approach – he is very solutions driven.

Giovanni Bevilacqua is focused on the delivery of the end product, and on engaging, organising and driving collaboration with all parties across different jurisdictions, with constant availability being key.

Giovanni Bevilacqua is extremely knowledgeable about the industry and solutions focused, knowing that delivery within the desired timelines is key.

Key clients

Asset Management One International

BCC Risparmio & Previdenza SGR

Columbia Threadneedle Group

CREDEM Private Equity SGR

DeA Capital Real Estate SGR

Deka Immobilien Investment

Euromobiliare Asset Management SGR

Europa Risorse SGR

Fideuram Investimenti SGR

Groupama Asset Management SGR

illimity Società di Gestione del Risparmio

InvestiRE SGR

Investitori SGR

Invesco Management Group

IQ EQ Fund Management (Ireland)

Kairos Partners SGR

Kryalos SGR

Mediolanum Gestione Fondi SGR

M&G International Investment Group

Pictet & Cie (Europe)

Polis Fondi SGR

Work highlights

  • Assisted InvestiRE SGR with the structuring, establishment and launch of three AIFs.
  • Assisted Mediolanum Gestione Fondi SGR with the structuring and launch of a retail closed-ended AIF.
  • Assisted BCC Risparmio&Previdenza SGR with the establishment and launch of a new Luxembourg SICAV.


Chiomenti‘s practice has substantial experience in advising investment funds, in addition to assisting companies from the banking, finance and industrial sectors in high-profile financial transactions. The department is jointly led by Alessandro Portolano, who advises Italian and foreign financial institutions on banking, financial, insurance, payment services and asset management regulations, and Vincenzo Troiano, who is ‘one of the most important players in the Italian regulatory sector‘. Promoted to of counsel in 2022, Felice Azzollini advises on banking, insurance and financial markets matters, while recently promoted managing associate Flavia Pagnanelli is ‘appreciated for her skills, professionalism and understanding of clients’ targets‘.

Practice head(s):

Alessandro Portolano; Vincenzo Troiano

Other key lawyers:

Felice Azzollini: Flavia Pagnanelli; Giuseppe Andrea Giannantonio


Chiomenti’s knowledge of private equity and funds regulation is unequalled.

The team, guided by Vincenzo Troiano, excels thanks to its deep knowledge of the regulatory framework, as well as its ability to achieve clients’ needs.

Vincenzo Troiano is one of the most important players in the Italian regulatory sector, and he has broad and international experience.

Flavia Pagnanelli is appreciated for her skills, professionalism and understanding of clients’ targets.

Key clients

Prelios SGR

QuattroR SGR


Lendlease Group

Lendlease Italy SGR

Silver Fir SGR


Ardian France


Torre SGR

Savills Investment Management SGR

Investire SGR

Coima SGR


Kervis SGR

Castello SGR


CDP Venture Capital SGR

Allianz Real Estate

Work highlights

  • Advised Prelios Group (as asset manager) and Hines Italy and Cale Street (as investors) on the set up and launch of an Italian real estate fund dedicated to the MilanoSesto development project.
  • Assisted Torre SGR with the tender offer launched by Vittoria Holding on the units of real estate fund Opportunità Italia – Fondo Comune di Investimento Immobiliare di Tipo Chiuso.
  • Assisted a pool of large Italian banks with an investment in credit fund Keystone.

DLA Piper

Recognised as one of the most efficient and skilled teams in the Italian market‘, DLA Piper‘s Italy investment management and funds practice advises fund managers, collective investment schemes and institutional investors on both transactional and regulatory compliance matters. Investment management and funds head Agostino Papa is experienced in asset management, along with private equity, real estate, social housing and renewable energy funds. Legal director Nicoletta Alfano focuses on asset management and financial services regulation, while lead lawyer Eusapia Simone and senior lawyer Edoardo Campo are banking and finance sector specialists.

Practice head(s):

Agostino Papa

Other key lawyers:

Nicoletta Alfano; Eusapia Simone; Edoardo Campo


Great organisation from various teams with total dedication to clients and their requirements, which establishes a real relationship of trust and cooperation.

The team headed by Agostino Papa is broadly recognised as one of the most efficient and skilled in the Italian market – it has excellent knowledge of the regulatory framework and the ability to understand clients’ needs.

Agostino Papa is a lawyer with strong managerial skills and in-depth knowledge of industry regulations.

Agostino Papa always provides a full view of the client’s organisational, business and regulatory needs. Always available and able to provide solutions within tight deadlines.

It is worth mentioning Agostino Papa for his deep legal knowledge and business acumen.

Key clients

Colliers Global Investors Italy SGR

Xyence Capital SGR

Credem Venture Capital SGR

Azimut Libera Impresa SGR

Invimit SGR

Hines Italy RE

Generali Investment Partners SGR

DeA Capital Alternative Funds SGR

DeA Capital Real Estate SGR


Canadian Solar Group

Prelios SGR

JP Morgan Asset Management (UK)

CDP Venture Capital SGR

Investitori SGR

Patrizia Investment Management


UBS Asset Management SGR

Generali Real Estate SGR

Work highlights

  • Provided regulatory advice to the Hines Group in relation to the structuring of an investment transaction involving the acquisition of a real estate complex in Milan.
  • Assisted CDP with the establishment of the investment activities of Fondo Nazionale Ristrutturazioni Imprese – Comparto indiretto.
  • Assisted JP Management (UK) with the structuring of an investment transaction, through a REIF called Hanami Investment Fund (managed by Savills IM SGR).

FIVELEX Studio Legale e Tributario

Housing experts in financial regulatory matters involving Italian and foreign clients, FIVELEX Studio Legale e Tributario‘s experience covers the structuring and implementation of collective investment management schemes, along with the setting up and distribution of units in Italian and foreign funds. The practice is jointly led by Francesco Di Carlo and Edoardo Guffanti, who both advise banks, and investment, asset management and insurance companies on non-contentious matters. The team also features salaried partner Flavio Acerbi, who ‘makes himself available at short notice‘, and recently promoted managing associate Debora Gobbo.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti

Other key lawyers:

Flavio Acerbi; Debora Gobbo; Camilla Fornasaro


The team is capable of handling highly complex situations, resolving them through simple and effective solutions.

Super responsive, with a creative and out-of-the-box approach.

Outstanding people within a very professional firm.

Francesco Di Carlo is quick and creative, and loves to work on complex structures and launch innovative funds.

Francesco Di Carlo has outstanding experience and skills – he is highly regarded by the regulators.

Flavio Acerbi and Francesco Di Carlo deliver 24-hour assistance.

Flavio Acerbi is a regulatory lawyer with longstanding experience; he makes himself available at short notice to support clients.

Clients appreciate the skills and competence of Debora Gobbo, who provides precious technical support that allows clients to face regulatory challenges safely.

Key clients

Alkimis SGR

Arca Fondi SGR

Beyond Investment

Castello SGR

Consultinvest Group

Credem Group

Davy Global Fund Management

Endeka SGR

Equita Group

Ersel Group

Foresight ITA VCT Holdings

Generali Investments Partners SGR

Green Stone SICAF


Kairos Group

Mindful Capital Group

Milano Investment Partners SGR

Nordea Asset Management Holding


Pillarstone Italy Holding

Plenisfer Investments SGR

Real Step SICAF

Xenon AIFM


Work highlights

  • Assisted Milano Investment Partners SGR with the set-up process for a new venture capital alternative investment fund.
  • Assisted Green Stone SICAF with the establishment of three compartments (dedicated to a specific real estate transaction).
  • Assisted Endeka SGR with a fintech project that envisaged the establishment of an alternative investment fund manager, specialising in the provision of direct lending to Italian SMEs through an innovative IT platform.

Gianni & Origoni

Gianni & Origoni‘s sizeable investment funds group regularly advises on all aspects of asset management, particularly the processes for establishing a broad range of investment funds. Its expertise covers advising on the most appropriate fund vehicles, structuring issues, and handling applications involving the authorities. The investment funds practice is co-headed by experienced partners Emanuele Grippo, Davide Braghini and Paolo Bordi. A ‘key player for the establishment and launch of funds‘, Raffaele Sansone was elevated to partner in July 2022. Since publication, Claudia Colomba joined the firm.

Practice head(s):

Emanuele Grippo; Paolo Bordi; Davide Braghini

Other key lawyers:

Raffaele Sansone; Claudia Colomba


With solid experience and a strong track record, the team is a natural choice when clients decide to set up a fund.

Reliability, availability and a client-oriented approach are the key qualities that lead clients to collaborate with the firm.

Very professional people who have very deep knowledge of this area. Highly skilled partners – particularly Emanuele Grippo for regulatory matters – and very dedicated associates.

Raffaele Sansone is an outstanding performer, who has deep technical knowledge together with a clear commercial approach. He is also able to manage the team members very efficiently.

Raffaele Sansone is a rising star in the firm’s fund practice – highly experienced, well connected, and respected by the regulators. He also has great commercial acumen.

Raffaele Sansone is a key player for the establishment and launch of funds. He makes things much easier and clients consider him part of their internal teams.

Raffaele Sansone provides very innovative solutions and structures for the establishment of funds in Italy.

Key clients



Arcadia SGR

Azimut Libera Impresa SGR


Capital Dynamics SGR

Coima SGR

Fideuram Investimenti SGR

Fineco Asset Manager

GAM (Italia) SGR

Goldman Sachs Asset Manager

Green Arrow

Innogest SGR

NB Aurora

Neuberger Berman

Partners Group


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

Hamilton Lane

Work highlights

  • Assisted Coima SGR with setting up and marketing a discretionary real estate alternative investment fund called Evergreen Fund.
  • Assisted Panakes (an Italian venture capital firm in the life sciences sector) with the subsequent closings of European venture capital funds’ closed-end, reserved alternative investment.
  • Assisted Lumen Ventures with investments made by Banca Fucino and ENPAV in Lumen Ventures.

Hogan Lovells International LLP

Hogan Lovells International LLP‘s Rome-based practice acts for domestic and foreign asset management companies, investment funds, investment firms and banks on a range of regulatory matters, including UCITS, AIFMD, MiFID II and AML work. It also regularly assists over 20 SICAVs on an ongoing basis in relation to the marketing of their shares in Italy. Qualified in Italy, the UK and the US, Jeffrey Greenbaum heads the firm’s Italian financial services and asset management team, which features recently elevated counsel Elisabetta Zeppieri. Since publication, Claudia Colomba left the firm.

Practice head(s):

Jeffrey Greenbaum

Other key lawyers:

Elisabetta Zeppieri


A real business partner that stands out for its flexibility and responsiveness.

The team anticipates the impact of regulatory changes on the client’s business.

Very empathetic.

Key clients

Timberland Investment Resources Europe

MFS Investment Management Company (Lux)

Kepler Liquid Strategies

Otus Capital Management

Itau BBA

Simmons & Simmons

Simmons & Simmons‘ Milan-based practice fields experts in asset management and investment funds, while the team is increasingly active in fund formation work. The department also advises on financial services regulatory matters. Italy financial markets practice head Romeo Battigaglia has expertise covering asset management, investment funds and market regulation. An expert in the Italian and international investment management markets, of counsel Andrea Tonon is Italy alternative funds head. Tonon’s workload includes private equity, private debt, venture capital and real estate matters, along with funds of funds, co-investment funds and infrastructure funds.

Practice head(s):

Romeo Battigaglia; Andrea Tonon


Responsive and commercial.

Very commercial and works as a partner alongside the client.

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

Clifford Chance

Fully integrated within the firm’s regulatory team, Clifford Chance‘s Milan-based investment funds practice also routinely works alongside its corporate, tax, and banking and finance departments. It has a long track record of advising on UCITS products and AIFMD investment vehicles, in relation to private equity, real estate, and private debt and credit matters. Regulatory specialist Lucio Bonavitacola leads the regulatory and funds team, which also showcases key senior associate Alberto Claretta Assandri.

Practice head(s):

Lucio Bonavitacola

Other key lawyers:

Alberto Claretta Assandri; Riccardo Coassin; Giorgio Di Stasio


Great technical and commercial team that knows the regulations and the regulators – clients are very happy with its work.

Extensive knowledge of the investment funds sector and a network of skilled professionals in all the major markets.

The team has sound knowledge of market practices, understands the parties’ business needs, and is incredibly responsive at any given time.

Lucio Bonavitacola is experienced, commercial, responsive and reliable. Everything clients want in a partner of his seniority.

Lucio Bonavitacola’s knowledge of the industry is outstanding, and he reads the parties’ specific aims and key concerns during negotiations perfectly.

Lucio Bonavitacola correctly identifies potential issues and often comes up with solutions or alternatives that benefit transactions. He also always makes himself available to further discuss and clarify, and he is extremely responsive.

Alberto Claretta Assandri is excellent.

Alberto Claretta Assandri has great experience and deep knowledge of the industry. He is extremely responsive, and can bring matters to a timely and successful conclusion. He is also extremely proactive in his assistance to clients.

Key clients


Cassa Depositi e Prestiti

Kartesia Management


LaSalle AIFM Europe

Optimum Asset Management

Generali Real Estate

CBRE Investment Management

Work highlights

  • Advised a primary asset management company on the structuring and establishment of its first Italian lending platform (dedicated to institutional investors).
  • Advised Cassa Depositi e Prestiti on its proposed investment in Luxembourg fund Muzinich Diversified Enterprises Credit II.
  • Assisting Kartesia Management with the Italian authorisation procedure for a permit to engage in lending business.


Dentons‘ Italian practice focuses on fund formation work, including the establishment of real estate, credit and private equity funds. In addition to financial services lawyers, the group comprises specialists from the firm’s corporate, banking, real estate and tax practices. Co-heading the Europe financial institutions regulatory practice, Alessandro Engst has a strong track record in investment fund deals involving a range of asset classes. Carlotta Riggi is the associate to note.

Practice head(s):

Alessandro Engst

Other key lawyers:

Carlotta Riggi


The team’s strengths are client focus and solid skills.

High levels of professionalism with competence and client care from the whole team.

The team’s strengths are undoubtedly its ability to respond quickly to clients’ needs, and always staying up to date on the commercial trends and legal developments concerning real estate and ESG matters.

Among the qualities that clients most appreciate are the team’s professionalism and adherence to deadlines even during very complex projects that have required continuous discussions with investors.

An international law firm that is well organised and has a high level of professionalism.

Key clients


Eurizon Capital SGR

DeA Capital Real Estate SGR


Orion Capital Managers


Castello SGR


Value Italy SGR

Threestones Capital Management

Pygmalion Capital Advisers



Quinta Capital SGR

Fort Partners

Work highlights

  • Assisting Fort Partners with the structuring and establishment of two investment vehicles for the acquisition of Palazzo Marini 3-4 in Rome.
  • Assisting COIMA SGR with the set-up and launch of a real estate umbrella fund named COIMA Logistics Fund II, which invests in the logistics sector.
  • Assisting DeA Capital Real Estate SGR with the structuring, set-up and launch of a real estate alternative investment fund.

GIM Legal

Launched in 2018, GIM Legal‘s investment funds practice has a client base covering asset management companies, investment managers, UCITS investment funds, and alternative reserved funds. Of note, the firm opened a London office during 2021. Founding partner Luigi Rizzi is a former CONSOB regulator and an expert in investment funds regulation. Further partner-level support is provided by Sergio Beretta, whose experience includes advising on the incorporation of real estate, private equity and venture capital funds.

Practice head(s):

Luigi Rizzi

Other key lawyers:

Sergio Beretta; Marco Corica

Key clients

Dea Capital RE SGR

Groupama SGR

Invesco Group

Main Capital SGR

Mikro Kapital


Euregio Plus SGR

Kervis SGR

IAM Capital

Sagitta SGR

Linklaters Studio Legale Associato

Linklaters Studio Legale Associato‘ Milan-based practice assists primary investment managers with all aspects of fund formation and related financial regulatory issues. Its expertise covers the structuring, set-up, licensing, marketing, reorganisation and liquidation of regulated investment managers and funds. Heading the Italian structured finance, financial regulation and investment funds practices, Dario Longo‘s workload includes fund formation and financial regulatory work. Senior managing associate Emanuele Umberto Aurilia plays a key role within the department.

Practice head(s):

Dario Longo

Other key lawyers:

Emanuele Umberto Aurilia


Flexibility and broad viewpoints are key features of Linklaters’ approach.

The law firm has deep knowledge of regulatory and investment fund matters.

The team has shown great attention and prudence.

Attention to detail, patience, and focus on delivery within the envisaged timelines.

Emanuele Umberto Aurilia is worth mentioning for his smart approach.

Key clients

Bain Capital Credit

HOPE (Holding di Partecipazioni Economiche)

Work highlights

  • Advising Bain Capital Credit on various structuring and fund formation matters.
  • Advising HOPE (Holding di Partecipazioni Economiche) (and its founding shareholders) on the set-up and authorisation process with the Bank of Italy and CONSOB to operate as an Italian retail SICAF.


Part of its financial institutions department, PedersoliGattai‘s investment funds practice assists with authorisations for the incorporation of asset managers and the establishment of alternative investment funds. It also advises on marketing procedures and unit subscription processes. The principal figure is tax head Giovanni Bandera, who also heads the firm’s financial institutions group. Bandera’s broad experience includes advising on the regulatory aspects of ordinary and extraordinary transactions.

Practice head(s):

Giovanni Bandera

Key clients

Anthilia SGR

Clessidra Capital Credit SGR

CDP Venture Capital SGR

Ver Capital SGR


Opera SGR

Arcadia SGR

Alcedo SGR

Quattro R SGR

Alchemy Partners





Financials Acquisition Corp

Work highlights

  • Assisted CDP Venture Capital with a potential investment in Italian alternative investment fund BlackSheep EuVECA Fund.
  • Assisted CDP Venture Capital SGR (asset management company of Cassa Depositi e Prestiti) with the regulatory and tax aspects of an investment in three venture capital funds (managed by Primo Ventures SGR).
  • Advised Anthilia SGR (a Milan-headquartered asset management company) on the investment by the European Investment Fund and ENPAM in alternative investment fund BIT (managed by Anthilia SGR).