AIFI 2026: The Future of Private Capital — 40 Years of Growth, New Regulatory Models, and Technological Innovation

Matteo Pedrali
Mar 31
3 min read

The AIFI Annual Conference 2026, titled “Which Future”, opened with a forward‑looking lens on the forces reshaping the private capital landscape. Over the course of the morning, speakers from government institutions, investment bodies, and the technology sector converged on three defining themes: the rapidly evolving regulatory framework, the accelerating influence of technological innovation—particularly artificial intelligence—and the widening competitive divide between Europe and the United States.

Together, these themes framed a broader conversation about how Italy’s private capital ecosystem must adapt to remain resilient and competitive. Here are the key insights and strategic considerations that emerged from the event’s most prominent discussions.

1. The Global Rise of Private Capital and Its Impact on Italy’s Economy

The opening remarks by Anna Gervasoni (General Director of AIFI) provided an essential macro perspective: if we considered global private markets as a single nation, they would currently represent the second‑largest economy in the world.

This fact shifts the entire discussion: Private Capital is no longer a “niche” sector—it is the primary engine of industrial growth and transformation.

However, despite this global strength, the Italian market must confront a structural challenge: how to channel the immense liquidity held by Italian households (which possess record‑high financial wealth) into the real economy and the companies operating in the territory.

2. How TUF Reforms and New Regulatory Models Will Shape the Next Era of Private Capital

A crucial point concerns governance and the regulatory framework. The new TUF (Consolidated Finance Act) now explicitly includes terms like Private Equity and Private Debt.

This is not merely a terminological update: it is long‑awaited institutional recognition. It means giving a clear “regulatory home” to instruments that are vital for the recapitalization of Italy’s SMEs.

As emphasized by Undersecretary Federico Freni (Ministry of Economy and Finance), simplification and legal certainty are the first pillars needed to attract capital—especially at a time when territorial competitiveness is extremely intense.

3. Europe vs. the United States: Competitiveness, Capital Deployment, and the Role of CDP

Giovanni Gorno Tempini, Chairman of Cassa Depositi e Prestiti (CDP), offered a sharp reflection on the transatlantic comparison. From CDP’s privileged vantage point, a structural gap emerges: in the United States, there is far greater freedom in capital allocation and a much faster deployment of large capital—something Europe still struggles to replicate.

The European system is often slowed by fragmentation, which prevents the creation of true continental champions. National institutions like CDP therefore have the task of acting as a “bridge,” stimulating the market where private capital alone struggles to reach—especially in technological and infrastructural scale‑up phases.

4. AI, Technology, and Innovation: The Challenges Identified at AIFI 2026

One cannot speak about the future without addressing AI. Giorgio Metta (Scientific Director, IIT) brought scientific pragmatism to the discussion: the risks of artificial intelligence are real, but the only way to mitigate them is through education and training.

We need to exercise patience and “master” the technology so that it works together with us. In the financial sector, AI will not replace human judgment in investment banking or deal‑making, but it can radically change analytical structures and risk‑management models. Only if we learn to adapt it today, we can utilize it’s potential for tomorrow’s market.

5. Looking Ahead: AIFI’s Vision for the Future of Italy’s Private Capital Ecosystem

President Innocenzo Cipolletta closed the event with an optimistic message: technology is transforming market structures, and this represents an extraordinary opportunity that we must know how to seize. Forty years ago, Private Capital in Italy was a pioneering idea; today, it is a consolidated reality that has accompanied thousands of entrepreneurs.

The discussions left an impression is that the sector is ready for its next leap in quality—provided that the solidity of data is combined with the speed of technological innovation. The market needs less fear of “tech” and more courage in capital allocation.