Since 1996 KPMG Corporate Finance and AIFI (the Italian Private Equity and Venture Capital Association) have analysed, on an annual basis, the M&A transactions carried out by the Private Equity Houses operating in Italy. The survey shows, on an aggregate level, the performance of the Italian Private Equity and Venture Capital market in terms of Internal Rate of Return (IRR) over the years, highlighting trends and potential developments.
In 2012 the Italian Private Equity and Venture Capital market shows fading performances compared to 2011; despite the overall performance of the year is positive (6.2%), it is however penalized by a stronger impact of Write Off (with particular focus on MBO/MBI transactions referred to medium sized companies).
Focusing the analysis only on the performance of ‘trade sales’ transactions (i.e. not including Write Off), it is possible to note how returns result in line with the previous year (i.e. 15.9% in 2012 vs 16.5% in 2011), partially confirming the recovery started in 2011.
Executive summary.pdf (148 KB)