Investment funds in Italy

Legance - Avvocati Associati

Legance - Avvocati Associati's investment funds department advises asset management firms and their shareholders and investors, as well as other domestic and non-domestic market players, on the planning, structuring, formation and marketing of investment funds. The team is particularly noted for private equity and venture capital funds, and private debt, real estate and other funds investing in illiquid assets. With approximately 20 years' fund sector experience, Enzo Schiavello heads the department, which includes asset management specialist Barbara Sancisi and recently promoted managing associate Riccardo Daguati.

Practice head(s):

Enzo Schiavello; Barbara Sancisi

Other key lawyers:

Riccardo Daguati


The investment funds team of Legance is very impressive – it provides a complete service (from theory to practical implementation) when exploring the market.

The individuals are very experienced and trusted professionals, who are always keen to help in the most efficient and practical way possible.

The firm is at the top of this sector in Italy, particularly because of the longstanding expertise of Enzo Schiavello and his team.

Enzo Schiavello has over 20 years’ fund formation experience, which certainly distinguishes Legance in this area.

Enzo Schiavello has the technical skills to assist managers in all stages of setting up and placing alternative funds. His skills also extend to in-depth knowledge of the Italian and foreign institutional investment landscape, negotiation techniques, management regulations and side letters.

Managing associate Riccardo Daguati has been of great support.

Key clients

21 Investimenti SGR


Aksìa Group SGR S.p.A.

Alcedo SGR


Alto Partners SGR


Arsenale SGR


Castello SGR

CDP Investimenti SGR

CDP Venture Capital SGR

Charme Capital Partners SGR

Chequers Capital

DeA Capital Real Estate SGR S.p.A.

Entangled Capital SGR


Ersel SGR

European Investment Bank

European Investment Fund

FIEE SGR – Fondo Italiano Per Efficienza Energetica

Fondo Italiano d’Investimento SGR

Gradiente SGR

HAT Orizzonte SGR




Partners Group

PM&Partners SGR

Prelios SGR

Progressio SGR

Quantix SIM

Sagitta SGR

Sofinnova Partners

Tikehau Investment Management

Ver Capital SGR

Wise Equity SGR

Work highlights

  • Assisted Wise Equity with the structuring, establishment and fundraising of Wisequity V, which successfully raised €260m.
  • Assisted Progressio SGR, an independent company that manages private equity funds focusing on Italian SMEs, with the final closing of Fondo Progressio Investimenti III (with a total fundraising of €250m).
  • Assisted with the structuring, establishment and fundraising of Aksìa Capital V, an Italian private equity fund that is managed by Aksìa Group SGR.


With 'the ability to provide solutions that are tailored to non-standard requirements', Chiomenti's team has longstanding experience in the establishment of significant investment funds, as well as complex transactions involving investment funds. The 'exceptionalAlessandro Portolano, who 'really knows his stuff', advises financial institutions on banking, financial, insurance, payment services and asset management regulations; Franco Agopyan co-heads the firm's private equity business unit; and Vincenzo Troiano's broad practice includes investment platforms and private equity funds.

Practice head(s):

Alessandro Portolano; Franco Agopyan

Other key lawyers:

Vincenzo Troiano; Luigi Vaccaro; Umberto Borzi; Giuseppe Andrea Giannantonio; Gabriele Buratti; Felice Azzollini


The ability to provide solutions that are tailored to non-standard requirements.

Outstanding preparation and the ability to provide clear and simple answers.

A quality that is difficult to find on the market.

Alessandro Portolano is exceptional, much more user friendly than lawyers at other firms, and he really knows his stuff.’

Vincenzo Troiano stands out for authority and competence in the regulatory space, with an innovative and rigorous approach at the same time.

Key clients

Prelios SGR

QuattroR SGR


Lendlease Group

Lendlease Italy SGR

Silver Fir SGR


Ardian France S.A.

Forma Fund GP

Torre SGR

Savills Investment Management SGR

Investire SGR

Avanzi SICAF

Coima SGR

Work highlights

  • Advised Ania on an investment in an Italian private equity alternative investment fund (to be managed by F2i SGR), which is focused on investments in majority holdings of private companies that operate in the national infrastructure sector.
  • Advised Prelios Group on the establishment of a multi-originator platform to manage real estate sector-related unlikely-to-pay loans.
  • Advised Lendlease Group on a joint venture with a Canadian pension fund, with a view to investing in a newly established real estate investment fund that intends to develop the Milan Santa Giulia area.

DLA Piper

DLA Piper's Italy's investment management and funds practice assists Italian and international fund managers, collective investment schemes and institutional investors with both transactional and regulatory compliance matters. The team has specific experience in deals involving funds investing in real estate assets, infrastructure, healthcare, social housing and student accommodation, renewable energy, and private equity. Agostino Papa's practice includes structuring and executing transactions concerning investment funds and funds of funds; and Nicoletta Alfano provides senior associate-level support.

Practice head(s):

Agostino Papa

Other key lawyers:

Nicoletta Alfano; Eusapia Simone


DLA Piper approaches the most complex issues in a dynamic and synergistic way.

The investment funds team is characterised by young lawyers, but with consolidated and proven experience behind them – they have an exceptional track record.

Availability and innovation are the identifying qualities of the team.

Great competence, with the ability to manage large amounts of work.

Agostino Papa is one of the best lawyers around for this sector, and recognised in Italy (and elsewhere in Europe) as a creator of viable and efficient alternative structures; he is also capable of understanding the needs of managers, investors and all stakeholders.

Agostino Papa must be recognised for his great flexibility and innovation in devising the most efficient and effective legal structures, alongside originality when creating alternative structures from scratch – a leader who is able to form a team of excellence.

Agostino Papa is a champion of the regulatory sector; he is also competent and capable of understanding the client’s business needs.

Senior associate Nicoletta Alfano stands out in her team for her competence and commercial sensitivity.

Key clients

Antirion SGR S.p.A.


Azimut Libera Impresa SGR S.p.A.

CBRE Global Investors

Cassa Depositi e Prestiti S.p.A.

CDP Venture Capital SGR

Credem Private Equity SGR S.p.A.

DeA Capital Alternative Funds SGR S.p.A.

DeA Capital Real Estate SGR S.p.A.

Fondazione Enpam

Generali Investments Partners SGR S.p.A.

Generali Real Estate SGR S.p.A.

Hines Italy RE S.r.l.

Investitori SGR S.p.A.

PGIM Real Estate Luxembourg SA

Prelios SGR S.p.A.

Work highlights

  • Advised CDP Venture Capital SGR on the structuring and establishment of a reserved, closed-end venture capital alternative investment fund, named Fondo di Co-Investimento MiSE.
  • Advised Invimit SGR on the establishment and launch of five real estate investment funds, which involved the acquisition of approximately 20 properties.
  • Advised Azimut Libera Impresa SGR on the set-up of an infrastructure alternative investment fund.

Gatti Pavesi Bianchi Ludovici

Assisting with the entire life cycle of investment funds, Gatti Pavesi Bianchi Ludovici's team is widely recognised for its focus on all major alternative asset classes, such as private debt, private equity, real estate and venture capital. With over 16-years’ investment management sector experience, Eriprando Guerritore is 'a very capable and talented lawyer, who is able to resolve all critical issues'; Guerritore acts for sophisticated international funds on alternative investments that are developed through fund projects.

Practice head(s):

Eriprando Guerritore


Attentive to the particular needs of the client, and able to complete all tasks in a timely manner and at short notice.

The firm covers all legal practice areas, from real estate to tax and regulatory – this aspect is a plus for us!

Great knowledge of fund management legislation in Italy.

Quick to understand thorny issues, with professional solutions to problems.

Highly specialised professionals.

Eriprando Guerritore is a very capable and talented lawyer, who is able to resolve all critical issues, taking into account not only the legal aspects but also the commercial ones. He is practical, pragmatic and fast, with excellent technical skills.

Eriprando Guerritore is very well prepared and updated on new market practices. He is also very helpful when dealing with clients, and offers quick and effective solutions.

‘Eriprando Guerritore has key technical knowledge of the regulatory fund environment in Italy, is very solutions oriented, and provides tailor-made advice.

Work highlights

  • Assisted with structuring Italian real estate investments.
  • Assisted with the formation of an Italian private debt fund.

Gianni & Origoni

The investment fund division of Gianni & Origoni's financial market regulation department advises on all areas of asset management, particularly the establishment of investment funds. Typical work includes assisting with open and closed-ended funds, Undertakings for the Collective Investment in Transferable Securities (UCITS), SICAFs (investment companies with fixed capital), SICAVs (collective investment schemes), and submitting applications to the authorities. Paolo BordiEmanuele Grippo, Davide Braghini and Andrea Marani are the key partners.

Practice head(s):

Paolo Bordi; Davide Braghini; Emanuele Grippo; Andrea Marani

Other key lawyers:

Raffaele Sansone


It has developed significant experience in the field of investment funds, despite the fact that this market is still very small in Italy; this, in particular, differentiates the firm from many other large firms that lack professional experts in this sector.

The lawyers are very business oriented and pragmatic (fundamental aspects when working with asset managers).

They have the ability to find creative and alternative solutions, without prejudicing the compatibility of the proposed solutions with the regulatory legislation.

This is an excellent firm that has a great competitive advantage, due to its international network, which allows the management of complex transactions in different jurisdictions.

These are professionals who respect the guidelines and the initial deadlines. They are also courteous and available to discuss issues promptly, in accordance with the timescale required by the client.

Longstanding experience in drafting investment fund regulations and structuring transactions in the world of alternative investments.

Emanuele Grippo is a very prepared professional, who can boast 360-degree knowledge of the regulatory world; he stands out for his dedication to work.

I particularly appreciate working with Emanuele Grippo, a highly trained professional in financial, insurance and wealth management matters.

Key clients

Partners Group Limited

Fineco Asset Manager

Fideuram Investimenti SGR S.p.A.

Robeco Asset Manager

Goldman Sachs Asset Manager

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


Neuberger Berman

Nb Aurora

Arcadia SGR S.p.A.

GAM (Italia) SGR S.p.A.

Coima SGR

Green Arrow (ex Quadrivio)


Tikehau Capital

Innogest SGR




Riello Investimenti SGR

UTI Asset Management

Work highlights

  • Assisted DeA Capital with a number of transactions.
  • Assisted Coima SGR with establishing Fondo Odissea and negotiating the investment agreements with the fund’s investors.
  • Assisted fund manager Neuberger Berman AIFM Luxembourg SARL with its Iride Project, which concerns the management of five pension funds.

K&L Gates

Handling fund work for many of the best-known alternative investment fund (AIF) managers, sponsors, and investors, K&L Gates' Milan asset management and investment funds team is headed by the 'very dedicatedGiovanni Meschia. Representative work includes structuring and setting up investment funds across a range of areas, such as private equity, venture capital, private debt and loan origination, unlikely to pay and non-performing loans, as well as real estate and social housing.

Practice head(s):

Giovanni Meschia

Other key lawyers:

Celeste Cenedesi


Deep knowledge and expertise in the structuring of venture capital and SICAF funds.

Proactive approach in finding solutions and an exceptional ability to understand and interpret clients’ needs. We always had the feeling we were working with one of the most professional firms on the market.

We worked with Giovanni Meschia, who is appreciated for meeting deadlines, as well as his great knowledge and attention to detail.

‘Giovanni Meschia has good experience, especially in relation to PE and VC funds. He is very present on operations and a very dedicated lawyer.

‘In addition to being very experienced, Giovanni Meschia is an excellent negotiator.’

Key clients

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

European Investment Fund

United Ventures SGR S.p.A.

CDP Venture Capital SGR S.p.A.

Finanziaria Internazionale Investments SGR S.p.A.

Aquileia Capital Services S.r.l.

Bain Credit

Claris Ventures SGR S.p.A.

Work highlights

  • Advised CDP Venture Capital SGR S.p.A. – Fondo Nazionale Innovazione on an investment in Primo Space Fund, an early stage venture capital fund that focuses on the aerospace sector.
  • Advised United Ventures on the structuring and establishment of UV T-Growth, a new venture capital fund that focuses on innovative growth-stage businesses that are active in the telecoms industry.
  • Assisted Claris Ventures with the application procedure to obtain authorisation from the Bank of Italy to manage Italian closed-ended AIFs.

Simmons & Simmons

Simmons & Simmons hired of counsel Andrea Tonon in 2020 as Italy alternative funds head from Di Tanno Associati; Tonon is experienced in private equity, venture capital, fund of funds and real estate investment funds. The practice's clients include brokerage houses, investment exchanges, investment banks, commodity traders, asset management companies, and general insurance and life assurance companies. Financial services regulation group head Romeo Battigaglia has extensive expertise in asset management, investment funds and market regulation.

Practice head(s):

Romeo Battigaglia; Andrea Tonon

Other key lawyers:

Maria Giusy Naccarato


The team is experienced and knowledgeable; its lawyers act for funds, managers, investors and service providers and are, therefore, perfectly up to date on the commercial practices of the market.

The practice is known for its collaborative attitude and problem-solving culture, and it avoids unnecessary antagonisms.

Romeo Battigaglia, in particular, sets the overall tone of the team by displaying a reflective, calm, analytical and courteous attitude.’

Romeo Battigaglia is a modern lawyer with an exceptional legal culture and excellent management skills. He wins and maintains clients’ trust thanks to a service-oriented approach and recognised professional integrity.

Key clients

Allianz Global Investors


BNP Paribas

Deutsche Bank

F&C Management





Fondo Italiano di Investimento SGR

Pramerica SGR

Numeria SGR

Work highlights

  • Assisted Blackstone with obtaining an authorisation to conduct direct lending in Italy.
  • Assisted F&C Management with the establishment of an Italian branch, including drafting all relevant Markets in Financial Instruments Directive policies.

Bird & Bird

Acting for national and international management companies and investors, Bird & Bird's investment funds team is particularly focused on UCITS and real estate AIFs. The key advisers are banking and financial markets regulation team head, Raimondo Maggiore; co-head of the international financial services group, Stefano Febbi; financial markets specialist Rossella Sansone; and senior associate and asset management sector expert, Giovanni Bevilacqua.

Practice head(s):

Raimondo Maggiore; Stefano Febbi; Rossella Sansone

Other key lawyers:

Giovanni Bevilacqua

Key clients

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

Columbia Threadneedle

Credem Private Equity SGR S.p.A.

Davy Global Fund Management Limited

Deka Immobilien Investment GmbH

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

Fideuram Investimenti SGR S.p.A.

Groupama Asset Management SGR S.p.A.

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

InvestiRE S.G.R.p.A.

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

Mediolanum Gestione Fondi SGR.p.A.

M&G International Investment

Pictet & Cie (Europe) SA

Polis Fondi SGR. S.p.A.

Prelios SGR S.p.A.

Work highlights

  • Assisted Kairos Partners SGR with the launch of a Luxembourg AIF.
  • Assisted Davy Global Fund Management with subsequent closings, further to the launch of an Italian closed-end umbrella AIF that was called FI.NAV.
  • Advised Davy Global Fund Management on the regulatory matters concerning the launch of an Italian closed-end umbrella AIF, which was called RSCT Fund.


Fielding experts in fund formation and regulatory and transactional activities, CMS' team assists a range of private equity, real estate and energy and infrastructure funds, as well as hedge, venture capital, credit and debt funds. Of counsel Andrea Arcangeli, who has 'extensive knowledge', specialises in AIFs, with partner-level support provided by Paolo Bonolis.

Practice head(s):

Paolo Bonolis

Other key lawyers:

Andrea Arcangeli


CMS is a firm that is attentive to innovation and the quality of the service rendered.

Ability to generate value beyond pure (but excellent) knowledge of legal aspects, including understanding the client’s business, strong market knowledge, and the combination of both legal and business aspects, so as to be a real business partner in addition to being a large law firm.

I greatly appreciated of counsel Andrea Arcangeli for his technical and professional skills; he also has the ability to identify, effectively and quickly, ways of managing innovative phenomena (such as fintech or funds structured in a different way), and to investigate and deal with legislative changes that impact on operations (for example, SACE guarantees for credit funds).

Andrea Arcangeli has extensive knowledge of this area, including all its regulatory and practical aspects, with clear guidance and suggestions that maximise 360-degree business impacts.

Andrea Arcangeli  has consolidated personal relationships that enrich and improve the client’s business.

Paolo Bonolis has enormous business knowledge, out-of-the ordinary availability, attention to detail, and the ability to anticipate problems and possible developments.

Key clients

Global Solar Fund

Legal & General Investment Management Limited

Aberdeen Asset Management PLC (Aberdeen Standard)

Columna Capital

AON Investment

Sagitta SGR

citizenM Financial Holdings

Hedge Invest SGR

Lemanik Asset Management

Health Biosciences

Work highlights

  • Assisted HSBC with the Borsa Italiana ETFplus’ listing process.
  • Advised TIM on the launch of a new fund, called UV T-Growth.
  • Assisted Columna Capital in relation to its investments in Italy.

FIVELEX Studio Legale e Tributario

FIVELEX Studio Legale's team advises on the structuring and implementation of collective investment management schemes, in relation to public equity, private equity, venture capital and real estate investment funds. It also assists with setting up and distributing units and shares in funds. Francesco Di CarloEdoardo Guffanti and Mara Fittipaldi are the key contacts.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti; Mara Fittipaldi

Other key lawyers:

Flavio Acerbi


The firm has extensive experience in the launch of investment funds in Italy and in authorisation issues.

Francesco Di Carlo is a serious, respected professional who has great knowledge of the market.

Knowledgeable and reliable, and with advice that is practical.’

Key clients

Alkimis SGR

Amber Group

Ambienta SGR S.p.A.

Generali Investments Europe

Consultinvest Group

Credem Group

Equita Group

Ersel Group

Goldman Sachs International

Green Stone SICAF

Hedge Invest SGR

Kairos Group (Kairos Partners SGR)

LGT Group

Milano Investment Partners

Real Step SICAF

ThreeSixty Investments SGR S.p.A.


Work highlights

  • Advised Ambienta on extending its business activity to the management of Irish long-short equity undertakings for collective investments.
  • Assisted Green Stone with the setting up of Sub-Fund 6, which is dedicated to investments in real estate assets.
  • Assisted Pillarstone and Davy Global Fund Management with the launch of the RSCT Fund (Responsible & Sustainable Corporate Turnaround Fund).

Hogan Lovells International LLP

Hogan Lovells International LLP advises on regulatory matters such as UCITS, the Alternative Investment Fund Managers Directive, the Markets in Financial Instruments Directive II, and anti-money laundering matters. Acting for major fund groups, financial institutions and insurance companies, Jeffrey Greenbaum heads the Italian financial services and asset management team, which includes senior associate Claudia Colomba.

Practice head(s):

Jeffrey Greenbaum

Other key lawyers:

Claudia Colomba


A great team that understands the regulations very well and updates its clients promptly and with great care.

We appreciate the quality of its people who are professional, fast and prepared.

Its strengths include interdisciplinary skills and a great network.

Jeffrey Greenbaum is highly regarded for his skills in client relations, framing of thematic problems, and co-ordination of the teams and colleagues  involved.

Senior associate Claudia Colomba is very well prepared and very good at co-ordinating colleagues in other areas of expertise; she also gives quick and complete answers.

Key clients

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

Work highlights

  • Regularly assists MFS Investment Management Company (Lux) with the marketing in Italy of over 300 share classes of the MFS Meridian Funds, a Luxembourg SICAV (collective investment scheme).

Alma STS

MJ Hudson Alma's managing partner Alessandro Corno has extensive experience in the formation of investment funds and fund management companies; Corno also regularly assists with the negotiation, structuring, and execution of investment funds' private equity, mezzanine financing and venture capital deals. Attorney at law Andrea Venturini is a private equity fund formation specialist.

Nctm Studio Legale

Nctm Studio Legale's team advises managers and investors on collective investment schemes concerning real estate, private equity, venture capital, impact investing, infrastructure and energy, as well as other alternative asset classes. A new arrival from Chiomenti in 2020, Giovanni Giuliani is an expert in asset management, and real estate and private equity funds.

Practice head(s):

Giovanni Giuliani

Other key lawyers:

Vito Bisceglie


Great experience within the investment funds sector and willingness to meet the needs of the client.

We like their leanness, competence and speed.

The key partner is constantly present.

A new but highly experienced team, with excellent proactivity and availability.

Giovanni Giuliani has solid knowledge of all aspects of this area, and is very helpful and attentive to clients’ needs.’

Giovanni Giuliani is an excellent professional, who is competent and precise.

The entry of Giovanni Giuliani brought the necessary skills to provide wide-ranging assistance in the investment fund sector.

Giovanni Giuliani is young and competent, with the ability to understand the client’s needs and how to translate them into adequate legal structures.

Key clients

Ardian France SA

Lendlease Group

Prelios SGR S.p.a.


Savills SGR S.p.A.

Sorgente SGR S.p.A.

Ream SGR S.p.A.

CDP Venture SGR S.p.A.


Dea Capital real estate SGR S.p.A.

Kervis SGR S.p.A.

Work highlights

  • Advised Lendlease on the establishment of a real estate investment fund that is dedicated to a major development project in Milan’s Santa Giulia area.
  • Advised Lendlease on the establishment of a newly authorised Italian real estate SGR.
  • Advised CDP Venture SGR on the structuring and setting up of a new alternative investment fund, which will provide financial support for business accelerators and innovative hi-tech start-ups.

Pedersoli Studio Legale

Forming part of its financial institutions department, Pedersoli Studio Legale's investment funds practice assists with the authorisation procedures surrounding the incorporation of asset managers, the establishment of AIFs, and the subscription process involving AIFs' units. Tax department head Giovanni Bandera also leads the financial institutions department, while Alessandro Zappasodi advises on complex issues involving asset managers.

Practice head(s):

Giovanni Bandera

Other key lawyers:

Alessandro Zappasodi


One of the firm’s greatest qualities is undoubtedly its excellent preparation, with particular attention paid to client management and meeting the needs and requests of clients.

All the professionals we dealt with were very attentive and proactive; they also demonstrated a solid knowledge of this sector. I would particularly mention Giovanni Bandera and Alessandro Zappasodi who met (and often exceeded) all my expectations.

Key clients

Clessidra SGR

Anthilia Capital Partners SGR

Work highlights

  • Assisted Clessidra SGR with the structuring and implementation of a fund that is dedicated to investments in corporate uncertain tax positions (Clessidra Restructuring Fund).
  • Assisted Anthilia Capital Partners with the subscription of an investment by FEI – European Fund for Investments in Anthilia BIT III, a closed-end private debt fund.