The Italian private debt market, i.e. support for companies through the purchase of debt instruments (bonds or minibonds), continues its expansion phase, showing sustained growth on the investment front. In the first half of 2025, according to data released by AIFI in collaboration with CDP, 2.1 billion euros were invested, with an increase of 66% compared to the 1.27 billion in the same period of 2024.
The number of financed companies, according to AIFI research, rose to 94, an increase of 18%, demonstrating the growing diversification of operators and the expansion of the market towards new companies. Excluding operations exceeding 100 million euros, the amount invested was still up by 8%, a sign of greater activity also in the small-to-medium market segments. International operators continue to play a significant role, with 78% of the amount invested, while domestic investors stand out for the number of operations (61%).
Declining collection: larger operators are needed
On the collection front, the trend appears less positive. In the first half of 2025, private debt funds raised a total of 464 million euros, down 21% compared to the 589 million recorded the previous year.
The main share comes from the public sector and institutional funds of funds (42%), followed by pension funds and provident funds (20%) and banks (just under 20%). The collection is almost entirely of domestic origin (99%), confirming the limited participation of foreign investors.
As underlined by AIFI president Innocenzo Cipolletta, the market “suffers from a further decline of 21%” and requires “systemic action to increase the size of Italian operators”, so as to be able to compete on an international scale.
Financing structure: senior loans and club deals prevail
Analyzing the structure of the operations, it emerges that 73% of the interventions are represented by direct financing, while 23% concern the subscription of bonds. Senior financing dominates both in terms of number of operations (56%) and amount (73%), followed by unitranche formulas (12% of invested capital).
40% of the operations were carried out in the form of club deals, 25% as sole arranger and 20% through syndication. The average duration of the operations is around six years, with an average spread of 4.9 percentage points above the six-month Euribor. It is interesting to note that around a third of financing is linked to ESG criteria, a sign of the growing attention to financial sustainability.
SMEs protagonists and focus on industrial growth
From a sectoral and geographical point of view, Lombardy confirms itself as the leading region, with 41% of operations, followed by Veneto (14%). The industrial goods and services sector concentrates 22% of investments, followed by energy and the environment (16%).
SMEs remain the protagonists, representing 49% of financed companies, demonstrating the role of private debt as an alternative growth financing tool.
As for the investment objectives, 48% of the amount was allocated to development operations, with a strong external growth component (39%), while buyouts represent 27%. In terms of number of transactions, buyouts remain the prevalent category (42%).
