WELCOME AND OPENING
By Fabienne Mailfait and Chiara Samorì, We Wealth

2:00 PM | Overview
ITALY’S PRIVATE MARKETS: WHERE ALTERNATIVE CAPITAL IS GROWING
After a 2025 marked by strong growth in private equity investments (+17%) and private debt (+66%), the Italian market confirms its vitality. Despite weaker fundraising, investment activity is strengthening, driven by international funds and increasingly active domestic players in the mid-market and venture capital. An up-to-date snapshot of private capital trends—buyout, infrastructure and alternative credit.

2:10 PM | Keynote
HOW THE EUROPEAN UNION IS MOVING
Alessio Conforti will explain how the European Union is supporting private markets through guarantees, co-investments and public instruments, with a focus on the role of the EIF in channeling capital to businesses, innovation and the transition agenda.
Speaker: Alessio Conforti, Head of Institutional Client Relationship, European Investment Fund

2:20 PM | Focus | Regulation, markets and private capital
SAVINGS & INVESTMENTS UNION: MOBILISING SAVINGS FOR EUROPEAN GROWTH
The European Union is working on a new capital-markets architecture to transform private savings into productive investments supporting the real economy. The Savings & Investments Union (SIU) aims to strengthen the role of private markets, overcome European fragmentation, and foster access to long-term instruments—also through deeper integration among banks, asset managers and institutional investors.
The panel will provide a strategic reading of the SIU’s implications for wealth management and Italian investors, spanning regulatory evolution, savings allocation and new opportunities in private markets.
Speakers: Giovanni Andrea Incarnato, Italy Wealth & Asset Management Sector Leader, EY; Alessandro Varaldo, CEO, Banca Aletti

2:35 PM | Roundtable | Private banking and the real economy
FROM IDLE SAVINGS TO PRODUCTIVE GROWTH
Private banking is now a key junction in mobilising savings toward the real economy. As highlighted at AIPB Forum 2025, Italy holds 14% of European households’ financial wealth, with €4,000bn of investable assets—over one third in liquidity. Channeling even part of these resources into productive investments could generate more than €150bn of new wealth by 2040.
The challenge is turning savings into investment—and private banking sits at the heart of this transition. Through integrated advisory solutions and long-term alternative products, the financial system can become the bridge between families, companies and strategic infrastructure. Leading Italian private banks will discuss how to integrate private markets into a more advanced and sustainable wealth offering.
Speakers: Leonardo Cervelli, Head of Private Banking, Banca Sella; Paolo Rizzuti, General Manager, Credem Pension Fund & Head of Private Assets; Paolo Tenderini, Head of Group Wealth Management & Private Banking, Banca Finint

2:50 PM | Focus | New tools for private assets
TECHNOLOGY, REGULATION AND PRIVATE ASSETS: THE NEW CAPITAL INFRASTRUCTURE
Private-market digitalisation increasingly relies on regulated technological infrastructures that combine innovation, compliance and access to capital. In this session, Weltix will present emblematic case studies—from Italy’s first public-blockchain tokenised minibond issuance to secondary investment operations managed end-to-end digitally.
A chance to highlight how technology can simplify onboarding, governance and traceability, fostering participation by both institutional and private investors.
Speaker: Antonio Chiarello, CEO, Weltix

3:00 PM | Focus | Private debt
PATIENT CAPITAL FOR THE CONTINUITY OF FAMILY BUSINESSES
Private debt is often described as a simple alternative to bank credit or a yield lever in a higher-rate environment. In reality, its role can be far deeper and more strategic—especially within the fabric of Italian family-owned companies.
Starting from concrete deals, the talk will explore how private capital can support complex generational transitions, ensure business continuity and preserve identity—avoiding disruptive breaks or short-term solutions.
The focus thus shifts from “how much it yields” to the type of impact capital generates: on governance, entrepreneurial families and the territory.
Speaker: Daniele Colantonio, Partner, Board Member & Head of Product Development, Anthilia Capital Partners SGR

3:10 PM | Focus | Private debt
PRIVATE CREDIT AS A PORTFOLIO ARCHITECTURE: DIVERSIFICATION, CYCLE AND ACTIVE MANAGEMENT
Private credit is now a broad and complex universe, estimated at over $40 trillion, where different sub-asset classes react heterogeneously across the economic cycle. The challenge for institutional investors and wealth managers is not only to capture yield, but to build resilient portfolios that can adapt to evolving macro and credit environments.
The session will discuss how a multi-strategy, dynamic approach to private credit—combining direct lending, asset-based finance and structured credit—can become a key lever for diversification, risk management and cash-flow stability.
Speaker: Xavier Lassau, Alternative Credit Senior Portfolio Manager and lead PM of the PRIVATE CREDIT INCOME FUND (“PCI”), BNP Paribas Asset Management Alts
Session in English


3:20 PM | Focus | Liquidity events in private markets
TOOLS, TIMING AND OPPORTUNITIES FOR ENTREPRENEURS AND HNWIs
In private markets, liquidity events are becoming a decisive lever for entrepreneurs and investors with significant wealth. Understanding when and how to activate them—through partial sell-downs, secondaries, recapitalisations or hybrid instruments—is now essential to monetise, diversify and preserve future options.
In this session, Saverio Rondelli of Lincoln International will outline the main available paths, highlighting market conditions, wealth needs and the strategic motivations that drive an effective choice.
Speaker: Saverio Rondelli, Head of Italy, Lincoln International

3:30 PM | Roundtable | Family offices and the new architecture of capital
VISION, COHESION AND INVESTMENT: THE EVOLUTION OF THE FAMILY MODEL
Family offices are emerging as one of the most dynamic actors in the private-markets ecosystem. According to the latest Family Office Observatory, Italy now counts 244 structures, up 10% year-on-year. From simple wealth managers, family offices have become directors of multi-generational projects—balancing governance, human capital and investment strategies, integrating private equity, venture capital and ESG investments.
The panel will explore how management models are changing, from “Family Powerhouses” to increasingly structured Multi-Family Offices.
Speakers: Luca Mentasti, Partner & COO, Nuova Energia Holding; Tommaso Pizzi, Head of Private Markets, SQ Invest

4:15 PM | Roundtable | Insurance
INSURERS ARE INCREASINGLY INTERESTED IN PRIVATE MARKETS
On 8 January 2025 the updated version of Solvency II was published, while on 29 January this year the related delegated acts were released—key to defining the revised prudential framework. The reform aims to balance policyholder protection with insurers’ greater ability to help finance the real economy.
The regulation removes several barriers: it significantly reduces the Risk Margin, freeing regulatory capital that can be channelled into real-economy investments; it lowers the capital charge on equity investments held with a long-term perspective and on securitisations; it aligns insurance rules with banking rules, including partial guarantees on debt and equity among risk-mitigating factors, thereby reducing capital requirements for investments characterised by such guarantees.
It also redefines the valuation of long-term liabilities, making the balance-sheet impact less volatile: this facilitates asset-liability matching with illiquid investments. The changes will be fully effective by 30 January 2027. The stated goal is to encourage long-term investments by insurers to support the real economy—green transition, innovation and infrastructure.
These upcoming changes, together with a market scenario increasingly favourable to the inclusion of private assets (equity and debt), will be at the heart of the discussion, introduced by a talk from Dario Focarelli, Director General of ANIA.
Introduction: Dario Focarelli, Director General, ANIA
Speakers: Andrea Battista, CEO, Net Insurance; Massimo di Tria, Country CIO, Generali Italia; Massimo Figna, Founder & CEO, Tenax Capital Ltd; Andrea Pescatori, Founder & CEO, Ver Capital SGR; Alessandro Santoliquido, CEO, UniCredit Life Insurance
Moderator: Riccardo Sabbatini

5.10 PM | Focus | Infrastructure
CORE OR VALUE-ADD? WHERE VALUE IS CREATED IN INFRASTRUCTURE TODAY
In this session, Carlo Forattini will delve into infrastructure investing beyond labels, distinguishing between core and value-add approaches in a landscape shaped by AI, electrification and the energy transition. From data centres to renewables, the focus will be on the industrial logic that underpins value creation and on the dynamics that make some strategies more resilient than others.
The talk will also address often underestimated risks in this asset class and the role of tools such as ELTIFs in broadening access to infrastructure investments without distorting their long-term horizon. A concrete discussion on how value is really measured in private markets, even in the absence of a listed market price.
Speaker: Carlo Forattini, Senior Investment Manager Value-add Infrastructure Equity at Swiss Life Asset Managers

5.20 PM | Focus | Infrastructure
THE GLOBAL TRANSITION AS A MEGATREND: PRIVATE CAPITAL AND INFRASTRUCTURE AT WORK
In this talk, Ciro Mongillo will explore the energy transition as a long-term investment megatrend, examining the crucial role of infrastructure and private equity in supporting decarbonisation and the transformation of energy systems. He will look at the opportunities arising from regulatory, technological and industrial developments at a global level.
Special focus will be placed on how pension funds and social security institutions can find in renewable energy a balance between returns, risk management and positive impact on the real economy. The session will highlight how private capital can become a concrete driver of the transition, aligning financial objectives with sustainable development.
Speaker: Ciro Mongillo, Founder & CEO of EOS IM

5:30 PM | Focus | Art and club deals
ART AS AN ASSET CLASS: CLUB DEALS AND NEW STRATEGIES FOR PRIVATE PORTFOLIOS
Art is evolving into a true asset class, increasingly structured and accessible. The club-deal model enables investors to share curated opportunities, reducing ticket sizes and risk. In this context, the advisor becomes central: selecting the artworks, structuring the deal, and managing timing and exits. Art does not replace traditional assets, but complements them, improving diversification and decorrelation.
On these topics, Alberto Bassi will illustrate how to include art thoughtfully within a private client’s portfolio.
Speaker: Alberto Bassi, Head of Italy, Matis

5:40 PM | Roundtable | Where institutional investors allocate today
PENSIONS, INFRASTRUCTURE AND CREDIT: THE COMPASS OF LARGE CAPITAL
Pension funds and social security institutions are among the protagonists of the new cycle of patient capital.
After years of caution, Italian institutional investors are increasing their exposure to private markets, with a focus on infrastructure and alternative credit. Giovanni Maggi (Assofondipensione) and Massimo Garbari (Inarcassa) will discuss long-term allocation strategies and the reforms needed to enable greater investment in the real economy.
Speakers: Massimo Garbari, President, Inarcassa; Giovanni Maggi, President, Assofondipensione; Paolo Tomassoli, General Manager, Fonchim

18.05 | Keynote speech Giulio Tremonti
L’Europa dei capitali: sovranità, risparmio e investimenti nel nuovo ordine economico
Interviene: Giulio Tremonti , Presidente della Commissione Affari Esteri e Comunitari della Camera dei Deputati