Alma LED is consistently sought out by both sponsors and LPs to advise on transactional work across the gamut of the alternative investment management industry’s asset classes. Examples include real estate, private equity, venture capital and private debt, along with credit funds, funds investing in blockchain, direct lending, and impact investment funds. Founding partner Alessandro Corno has significant experience in M&A, asset management, and investment funds and Celeste Cenedesi assists national and international clients with the structuring and setting up of alternative investment schemes for a range of asset classes.

With ‘significant expertise in financial markets regulation‘, Gatti Pavesi Bianchi Ludovici‘s investment management and funds team routinely acts for domestic and non-domestic players on fund and investment management matters. The team’s expertise ranges from structuring to fundraising, and the negotiation of funds’ constitutional documents. It also advises on secondary transactions concerning alternative investment funds’ interests.  Claudio Saba advises on financial institution-related regulations and investment management. Since publication, Eriprando Guerritore left the firm. Raffaele Sansone was a new arrival in June 2024.

The investment funds team at Legance - Avvocati Associati has an enviable market reputation for fund formation work. The group's assistance covers all asset management sector-related contractual, corporate and regulatory aspects; and the department is particularly active in relation to private equity and venture capital funds, as well as private debt and real estate funds. The practice is co-led by senior partner Enzo Schiavello and Barbara Sancisi, who are 'the most expert advisers in Italy in the fund formation/regulation space'. Also highly regarded, Riccardo Daguati is a collective asset management specialist.

Including former officers from the Supervisory Authorities, Bird & Bird‘s banking and financial markets regulation team practice is experienced in UCITS, as well as real estate, credit, and private equity alternative investment funds. The group is jointly headed by financial regulation specialist Raimondo Maggiore, an active adviser to Italian and international asset management companies on structuring real estate and private equity funds; and asset management and financial services expert Rossella Sansone. Sansone and Giovanni Bevilacqua, who assists fund managers with structuring investment products, are 'remarkable for their deep legal expertise'.

Chiomenti‘s team routinely advises on the establishment of investment funds, along with transactions involving funds. The practice additionally leverages the expertise of the firm’s banking, insurance, real estate, corporate, tax, and finance departments. The team is jointly led by Vincenzo Troiano, whose wide-ranging practice includes the structuring of investment platforms and products, as well as private equity funds; and Alessandro Portolano, who is a highly-regarded specialist in banking, financial, insurance, payment services, and asset management regulations. Also key to the team are experienced practitioners Felice Azzollini and Flavia Pagnanelli.

In addition to benefiting from its integration with the firm’s regulatory practice, Clifford Chance‘s funds team routinely leverages the expertise of its corporate, banking, finance and tax colleagues. The group is highly experienced in UCITS products, as well as AIFMD investment vehicles for private equity, real estate, and private debt and credit. Lucio Bonavitacola specialises in banking and financial regulations, along with fund-related matters and Alberto Claretta Assandri is an expert in fund formation and regulatory issues. Giorgio Di Stasio and Iolanda D’Anselmo are other key figures to note.

Advising throughout the lifecycle of funds, CMS‘ Italian practice covers fund formation, regulatory and transactional work. The group covers a wide range of investment funds, including UCITs; and it is particularly specialised in alternative funds, such as private equity, real estate, and energy infrastructure funds, as well as hedge, venture capital, and credit and debt funds. The department is jointly led by Paolo Bonolis, who acts for funds on regulatory and transactional matters, while Andrea Arcangeli specialises in alternative investment funds. Alfredo Gravagnuolo also advises on investment fund regulation matters.

The investment management and funds practice at DLA Piper‘s Italy offices is active in relation to funds investing in real estate assets (including social housing and student accommodation), infrastructure, healthcare, renewables, credit, seed capital, and private equity. Team head Agostino Papa is experienced in financial and banking regulation, while legal director Nicoletta Alfano is an asset management and financial services regulation expert. Other key figures are senior lawyer Edoardo Campo, who 'combines legal expertise with commercial sensitivity perfectly'; and Eusapia Simone, who assists with special transactions, authorisations, and restructurings.

FIVERS Studio Legale e Tributario‘s finance, banking and insurance department has significant expertise in financial regulatory matters, as well as capital markets and M&A transactions. The team also assists with the structuring and implementation of collective investment management schemes, along with the establishment of units in Italian and foreign funds, Francesco Di Carlo 'demonstrates a remarkable ability to think outside the box'; Francesco Mantegazza is a domestic and international taxation specialist; Edoardo Guffanti acts for banks, and investment, asset management and insurance companies; and Flavio Acerbi 'has outstanding knowledge'.

The investment fund division of Gianni & Origoni‘s financial market regulation department advises on a range of asset management work, particularly the establishment of investment funds. Examples include open and closed-ended funds, UCITS, SICAF, and SICAVs. The team is jointly led by Luxembourg desk head Emanuele Grippo, who advises on investment services, asset management, pension funds, securities regulation, and structured finance; real estate expert Davide Braghini; and financial markets, corporate finance and equity capital markets specialist Paolo Bordi. Since publication, Raffaele Sansone left the firm.

Advising asset management companies, investment funds, investment firms and banks, Hogan Lovells International LLP‘s practice  advises on a broad spectrum of regulatory work. The team is particularly expert in UCITS, AIFMD, MiFID II, and AML matters. Qualified in Italy, the UK and the US, Jeffrey Greenbaum, who leads the firm's Italian financial services and asset management group from Rome, focuses on the authorisation, distribution and regulatory aspects of financial entities, as well as regulatory inspections. Elisabetta Zeppieri's clients include major banks, payment institutions, e-money institutions, and financial intermediaries.

Pedersoli Studio Legale and Gattai, Minoli, Partners merged in January 2024 to become PedersoliGattai – its investment funds offering remaining part of the firm’s financial institutions department. The group assists domestic and foreign clients with the authorisations for asset manager incorporations and the establishment of alternative investment funds. Experienced in assisting asset managers, investment funds and investors on transactions and on the regulatory side, Giovanni Bandera leads the financial institutions and tax departments; and Giovanni Giuliani (at ADVANT Nctm until April 2023) assists with private equity and real estate investment fund-related structuring and fundraising.

Simmons & Simmons‘ financial services regulatory practice in Milan routinely acts for major brokerage houses, investment exchanges, investment banks, commodity traders, asset management companies, and general insurance and life assurance companies. The recent work of experienced financial markets Italian practice head, Romeo Battigaglia, who also heads up the financial services regulation group, includes obtaining several local licenses for UK-based MiFID firms and credit institutions. The firm’s Italy alternative funds group head, Andrea Tonon, focuses on private equity, private debt, venture capital, real estate, funds of funds, co-investment funds, and infrastructure funds.

Cappelli Riolo Calderaro Crisostomo Del Din & Partners‘s financial service regulation department is experienced in structuring and establishing investment funds, including credit, restructuring, turnaround, direct lending, real estate, private equity, and venture capital funds. The group also notably benefits from the firm’s experience in advising on banking, insurance and financial regulation. Gabriele Buratti, who specialises in banking, finance and collective asset management, co leads the group alongside Milan and London-based Alberto Del Din.

Comprising experts from the firm's corporate, real estate, tax, M&A, and banking and finance practices. Dentons‘ Italian team is particularly focused on the establishment of real estate, private equity and credit funds. Heading up the financial services practice in Italy, Alessandro Engst acts for banks, fund managers, investment firms, insurance companies, payment institutions, fintech companies and pension funds on regulatory matters. Engst also assists with the establishment of investment funds.

GIM Legal‘s wide-ranging practice regularly advises asset management companies and investment managers on their establishment in Italy. The firm also fields specialists in UCITS and alternative reserved funds. Founder and managing partner Luigi Rizzi is a renowned investment funds regulation expert and former CONSOB regulator; and the track record of the firm's operations partner, Sergio Beretta, includes the incorporation of numerous real estate, private equity and venture capital funds.

Linklaters Studio Legale Associato‘ Italian team routinely advises investment managers on fund formations and financial regulation. The practice is routinely mandated by Bain Capital Credit for the structuring and establishment of Italian real estate and credit sector-related funds. The Milan office’s structured finance and financial regulatory practices are led by Dario Longo, whose practice covers the entire cycle of financially regulated assets. Flanking Longo, Emanuele Umberto Aurilia ‘has remarkable legal and commercial expertise‘.