Investment funds in Italy

Legance - Avvocati Associati

Legance - Avvocati Associati advises on fund structuring, establishment and marketing, with a particular focus on private equity, venture capital, debt, real estate and infrastructure funds. Enzo Schiavello's experience ranges from the formation and restructuring of licensed investment managers to the establishment of corporate and contractual structures, including funds of funds, co-investment funds, infrastructure funds, non-performing loan (NPL) funds and SICAFs (regulated investment vehicles). Barbara Sancisi  advises private equity and other alternative asset fund managers, institutional investors and investment advisers on fund formations, secondary transactions, investments, governance, compliance, re-organisations and restructurings.


Chiomenti's 'well-rounded practice' is regularly involved in transactions involving asset management agreements, incorporation of asset management companies and corporate vehicles, establishing investment funds, acquisitions and sales of investment funds' assets, and assistance with the regulatory authorities. Alessandro Portolano heads the financial regulation department and Franco Agopyan jointly heads the private equity business unit. Vincenzo Troiano is also a key adviser.


The investment fund team is one of the few Italian teams capable of following complex and cross-border transactions, with unique experience in alternative investment funds.

The team is really well prepared, focused and involved; it is also fast in giving advice and feedback.

Full service in terms of legal assistance with top-level quality across practices.

Well-rounded practice.’

Key clients

QuattroR SGR


Ardian France

Savills Investment Management SGR

Forma Fund GP

Dea Capital Real Estate SGR


Kryalos SGR

Torre SGR

Prelios SGR

Investire SGR

Bancoposta Fondi SGR

Coima SIIQ

Coima SGR

Work highlights

  • Advised FSI with the final closing of a private equity fund that is focused on investments in Italian medium-large cap companies.
  • Acted for Coima RES SIIQ on the sale of a 50% interest in Vodafone Village to the Meritz Financial Group.
  • Advised AEW on setting up an Italian real estate investment fund.

DLA Piper

DLA Piper's 'investment fund team is one of the most appreciated groups in the Italian landscape'. It is well known for advising on transactions involving funds investing in real estate assets, infrastructure, healthcare, social housing, student accommodation, renewable energy, and private equity; structuring complex transactions with respect to governance; compliance and regulatory issues; and sanctioning procedures. Key names are Agostino Papa and senior associate Nicoletta Alfano.

Practice head(s):

Agostino Papa


DLA Piper’s ‘investment fund team is one of the most appreciated groups in the Italian landscape.

The team has perfect knowledge of Italian and EU regulatory legal frameworks and is appreciated for its problem-solving approach.

Agostino Papa and senior associate Nicoletta Alfano are among the best lawyers in the Italian regulatory sector.

Key clients

Antirion SGR

Investitori SGR

Azimut Libera Impresa SGR

Cassa Depositi e Prestiti

Credem Private Equity SGR

DeA Capital Alternative Funds SGR

DeA Capital Real Estate SGR

Fondazione Enpam

Generali Real Estate SGR

Hines RE Italy

JP Morgan Asset Management

Patrizia Real Estate Investment Management

PensPlan Invest SGR

Prelios SGR

Serenissima SGR

UBS Asset Management (Italia) SGR

Work highlights

  • Advised DeA Capital Alternative Funds SGR on the set-up of an Italian reserved closed-ended alternative investment fund investing in private equity.
  • Acted for Patrizia Group and Patrizia Real Estate Investment Management on taking over the management of an Italian-reserved real estate alternative investment fund.
  • Advised Investitori SGR on the establishment of an Italian-reserved closed-ended alternative investment fund investing in real estate logistic assets.

Gatti Pavesi Bianchi

Gatti Pavesi Bianchi's 'team is highly capable of handling complex investment fund matters under pressure and the work delivered is consistently excellent'. The firm recently recruited Eriprando Guerritore from Paul Hastings LLP, where he led the investment management and funds department. The practice covers structuring and fundraising, together with drafting and negotiating funds’ constitutive documents. Clients include domestic and international fund sponsors and investment managers as well as funds of funds, insurance companies and pension schemes.

Practice head(s):

Eriprando Guerritore


The team’s strength is it always thinks about a problem in a commercial way, setting out clearly the options for ways forward.

The team is highly capable of handling complex investment fund matters under pressure and the work delivered is consistently excellent.’

Eriprando Guerritore has outstanding investment funds experience, developed over more than a decade of private practice work. What makes him stand out among other investment funds lawyers is his commercial approach. He is able to understand clients’ needs and advise them accordingly.

Gianni, Origoni, Grippo, Cappelli & Partners

Gianni, Origoni, Grippo, Cappelli & Partners' 'highly competent and professional group' advises on setting up all types of investment funds, ranging from advising on open and closed-ended funds and fund structures to clients' specific fund requirements and the relevant applications to the authorities. Emanuele Grippo's practice covers the formation and distribution of investment funds and the implementation of complex structures. Davide Braghini and Andrea Marani are real estate investment fund specialists.


A highly competent and professional group.

Technically great with excellent knowledge.

Strong expertise in the investment fund field.

Emanuele Grippo is a great adviser.

Key clients

Partners Group

Fideuram Investimenti SGR

Robeco Asset Manager

Goldman Sachs Asset Manager

Capital Dynamics SGR


Neuberger Berman

Arcadia SGR

GAM (Italia) SGR

Coima SGR


Tikehau Capital

Innogest SGR



Riello Investimenti SGR

Work highlights

  • Advised Fideuram and Partners Group on the implementation of an innovative master-feeder structure for alternative investment funds for non-professional investors.
  • Acted for Prelios on the acquisition of real estate investment fund, Megas.
  • Assisted DeA Capital Real Estate SGR with the structuring, setting-up and placement of real estate alternative investment fund, Tessalo.

Hogan Lovells International LLP

Hogan Lovells International LLP's team 'provides very targeted advice that is tailored to clients' needs'. It assists leading domestic and foreign asset management companies, investment funds, investment firms and banks with a wide range of regulatory matters. Jeffrey Greenbaum is a widely respected international financial regulatory specialist and Claudia Colomba, who has broad regulatory experience, is an experienced senior associate.

Practice head(s):

Jeffrey Greenbaum


Provides very targeted advice that is tailored to clients’ needs.

The professionalism, coverage and team work make this practice unique. Furthermore, it always proactively anticipates topics, issues and problems, which is real added value for business.

Clients love working with Jeffrey Greenbaum. He has an amazing network, which he is able to activate in service of his clients; and in addition to his superior legal knowledge, he is also really pleasant to work with.

Senior associate  Claudia Colomba is always available and able to explain and solve issues.

Key clients

MFS Investment Management Company (Lux)

Work highlights

  • Regularly assisting MFS Investment Management Company (Lux) with the marketing in Italy of over 300 share classes of MFS Meridian Funds.

K&L Gates

K&L Gates 'provides an excellent level of assistance to tight deadlines'. The team assists domestic and international fund managers and sponsors with structuring and setting up investment funds in relation to private equity, private debt, loan origination, NPLs, real estate and venture capital. The experience of the team also encompasses alternative investment schemes with corporate and contractual structures, funds of funds, parallel and co-investment funds, the set-up of Italian branches, and carried interest vehicles. Giovanni Meschia heads the Milan office's investment management department.

Practice head(s):

Giovanni Meschia


Provides an excellent level of assistance to tight deadlines.

Clients find that the team has the excellent ability to identify the needs of all investors, identifying negotiated solutions that are highly competent.

It has strong financial and negotiation skills.

Key clients

Fondo Italiano d’Investimento SGR

European Investment Fund

United Ventures SGR

Lazio Innova

Eidos Partners

Finanziaria Internazionale Investments SGR

DeA Capital Real Estate SGR

Claris Ventures SGR

Work highlights

  • Advised European Investment Fund on an investment in 360 PoliMi TT Fund.
  • Assisted United Venture SGR with the launch of United Venture II Lazio.
  • Advised Finanziaria Internazionale Investments SGR on the launch of Fondo PMI Italia II.

Simmons & Simmons

Simmons & Simmons' 'prominent investment funds practice possesses both regulatory and transactional expertise, and is capable of representing sponsors, managers, funds, and investors alike'. It is highly regarded for its experience in the asset management and investment funds sectors. Romeo Battigaglia is the firm's financial markets Italian practice head; Battigaglia's experience includes advising several global asset managers on the promotion of investment funds in the Italian market.

Practice head(s):

Romeo Battigaglia


This prominent investment funds practice possesses both regulatory and transactional expertise, and is capable of representing sponsors, managers, funds, and investors alike.

Romeo Battigaglia is a best-in-class lawyer, whose impressive competence and calm, reassuring stewardship make him an undisputed legal authority.

Key clients

Allianz Global Investors


BNP Paribas

Deutsche Bank

F&C Management





Work highlights

  • Assisted Blackstone with obtaining a direct lending authorisation.

Bird & Bird

Bird & Bird is particularly focused on undertakings for collective investment in transferable securities (UCITS) and real estate-related alternative investment funds (AIFs) and venture capital products. Raimondo Maggiore is banking and financial services regulatory head, Rossella Sansone's experience includes managing the incorporation of UCITS and Alternative Investment Fund Managers Directive (AIFMD) funds, and senior associate Giovanni Bevilacqua regularly assists with the setting up and marketing of AIFs.

Practice head(s):

Raimondo Maggiore

Key clients

BCC Risparmio & Previdenza SGR

Credem Private Equity SGR

Davy Investment Fund Services

Europa Risorse SGR

Fideuram Investimenti SGR

Fisher Investments Europe

Groupama Asset Management SGR

Mediolanum Gestione Fondi SGR

Polis Fondi SGR

Prelios SGR

Threadneedle AssetManagement

Accell PartnersManagement LLP

Work highlights

  • Assisted Europa Risorse SGR with the structuring, establishment and launch of a real estate AIF that is reserved for professional investors.
  • Assisted BCC Risparmio & Previdenza SGR with restyling a range of UCITS funds offered to retail clients, including the launch of two new funds.
  • Advised several asset management companies on the structuring and marketing of UCITS.

Clifford Chance

Clifford Chance has extensive experience across all key investment fund products such as UCITS and AIFMD investment vehicles, including private equity and real estate. The practice regularly works alongside the firm's regulatory and tax teams. Lucio Bonavitacola is responsible for the regulatory and funds team within the firm's Italy finance and capital markets practice, and senior associate Alberto Claretta Assandri specialises in fund formation and regulatory advisory work.

Practice head(s):

Lucio Bonavitacola

Key clients


Alternative Capital Partners SGR

Comoi Consulting

Cromwell Property Group

DWS Alternatives Global

Meritz Financial Group

Patrizia REIM

PGGM Private Real Estate Fund


Work highlights

  • Advised Stichting Depositary PGGM Private Real Estate Fund on a proposed investment in an Italian real estate fund.
  • Acted for Cromwell Property Group on the replacement of the original UK fund manager with a newly established Luxembourg manager.
  • Advised Primonial Real Estate on the establishment and management of its first Italian fund.


CMS 'has incredibly extensive knowledge of investment funds and a hugely developed network'. The practice specialises in alternative funds including private equity, real estate, energy and infrastructure, hedge, venture capital, credit and debt, in relation to fund formation and ongoing regulatory and transactional activities. Paolo Bonolis is 'a great strategic thinker and problem solver' and of counsel Andrea Arcangeli, who is highly respected by all counterparts', is an AIF expert.

Practice head(s):

Paolo Bonolis


Has incredibly extensive knowledge of investment funds and a hugely developed network.

CMS combines legal experience, network and business acumen; its lawyers know what investors look for, how to market and what makes a fund appealing, and this has value that is beyond the legal fees paid.

Paolo Bonolis is a really amazing partner.

Of counsel Andrea Arcangeli has great business understanding- he makes things happen and is always available.

Andrea Arcangeli is highly respected by all counterparts.’

Of counsel Andrea Arcangeli has a huge network and is great at closing deals.

Key clients

Global Solar Fund

Legal & General Investment Management

Aberdeen Asset Management

Columna Capital

AON Investment

Sagitta SGR

JCI Capital

Hedge Invest SGR

Lemanik Asset Management

Cornelia Capital

Work highlights

  • Advised Lemanik Asset Management on the structuring of a European venture capital fund operating in blockchain infrastructures.
  • Acted for Global Solar Funda on a range of activities, including administrative law issues.
  • Advised AON Investment on the structuring of an EU pension fund.

FIVELEX Studio Legale

FIVELEX Studio Legale's key areas of work include establishing new generation funds and the structuring of AIFs, including private equity, real estate and credit funds; authorisation, sanction and enforcement proceedings; ongoing assistance, including issuance of new financial products, anti-money laundering, market abuse and corporate governance issues; and cross-border issues. Francesco Di Carlo is experienced in the incorporation and authorisation of funds, and Edoardo Guffanti's clients include banks and asset management companies.

Key clients

Alkimis SGR

Amber Group

Generali Investments Europe

Consultinvest Group

Credem Group

Equita Group

Ersel Group

Fenera & Partners

Goldman Sachs International

Green Stone SICAF

Hedge Invest SGR

Kairos Group

LGT Group

Milano Investment Partners

Real Step SICAF

United Ventures SGR

Work highlights

  • Advised Milano Investment Partners SGR on the set-up of a private equity investment fund.
  • Assisted RealStep SICAF with the establishment of a real estate sub-fund.

MJ Hudson Alma

MJ Hudson Alma recently hired Alessandro Corno and associate Andrea Venturini from Gatti Pavesi Bianchi. Corno has extensive experience in the formation of investment funds and fund management companies; he also assists institutional and high-net-worth individual investors with investments in funds, as well as funds-related finance and venture capital deals. Venturini has a specific focus on private equity fund formation.

Pedersoli Studio Legale

Pedersoli Studio Legale's 'totally committed practice' regularly advises AIF managers and investors on establishing and structuring AIFs, with particular expertise in debt, real estate, credit and venture capital funds. Other areas of strength are regulatory matters, tax-efficient deal structuring and financing, and acquisitions and exit strategies. Giovanni Bandera advises on the tax issues surrounding funds and Alessandro Zappasodi assists foreign and domestic investors with setting up regulated Italian entities.

Practice head(s):

Giovanni Bandera


A totally committed practice.

Key clients

Anthilia SGR

Clessidra SGR

VER Capital



QuattroR SGR

Alcedo SGR

Work highlights

  • Advised Anthilia Capital Partners SGR on the subscription of an investment by Fondo Europeo per gli Investimenti in Anthilia BIT III, a closed-end private debt fund.
  • Acted for RIF Fund and Equiter (as adviser to the fund) on an investment in Linearbeam, a newly incorporated company controlled by Itel Telecomunicazioni.