Investment Funds 2025

ITALY Law and Practice Contributed by: Emidio Cacciapuoti, Giorgio Bobba and Davide Massiglia, ADVANT Nctm

ADVANT Nctm Studio Legale’s investment funds practice in Italy offers expertise in legal, regulatory and tax matters. The firm advises cli - ents that are active in all sections of the funds market, including private equity, real estate, venture capital, debt, infrastructure funds, cred - it funds and funds of funds. Its lawyers provide assistance on fund formation for sponsors/ managers, fund reviews for investors, on car - ried interest schemes, incentive schemes and co-investment plan structuring, reorganisations

and spin-outs, secondary transactions, pri - vate equity house mergers, fund governance, transaction structuring and fund-level finance arrangements, including investor calls, equity bridge, co-investment and warehousing facili - ties. The team has unrivalled experience in the Italian market, having assisted a number of gen - eral partners acting in different sectors on their most recent fundraising and structuring initia - tives.

Authors

Emidio Cacciapuoti is a partner at ADVANT Nctm Studio Legale, and focuses on the tax and regulatory aspects of funds, alternative investment fund structures and carried interest

Giorgio Bobba is a counsel at ADVANT Nctm Studio Legale, and focuses his practice on banking and finance, particularly on advising corporate and commercial enterprises on the

schemes. He obtained his LLM cum laude in International Taxation from Leiden University, and is a member of the Tax and Legal Committee of AIFI and the International Tax Working Group of Invest Europe. He serves as a member of the board of directors of Italian AIFMs. He co-authored the chapter on “Fund structuring in Italy” in “Global Tax Considerations in Private Fund Formation” (Private Equity International, 2016) and is the author of the AIFI book on “Fundraising in Private Equity – Terms and conditions” (Egea, 2016).

regulations governing financial intermediaries and the financial markets. He has developed specific knowledge of financial derivatives and ISDA transactions, and has a wealth of experience in private equity and venture capital transactions, project finance, investment in primary and secondary markets, market abuse and tender offers. He is admitted to the Milan Bar and serves as a member of the board of directors and as company secretary of Italian AIFMs and financial intermediaries.

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