AIFI, the Italian private equity and venture capital association, has released its 2004 investment and performance figures. The investment figures were considerably down on previous years, most notably 2003 when figures were somewhat distorted by mega deals. In 2004 some 248 investments worth €1.48bn were undertaken, compared to 336 investments worth €3.03bn in 2003.
Giampio Bracchi, AIFI’s chairman, said: “Over 60% of the investments came from international investors, thus confirming the appeal of our market to foreign investors as well as the professional competence of our players.” Breakdown of investments can be seen in the tables, as can figures for divestments.
Funds raised, also shown in the tables, were marginally down on previous years, the most noticeable shift being away from parent organisation.
Performance, measured as gross IRR, and compiled in conjunction with KPMG Corporate Finance, registered at 24.7%, compared to 17.8% in 2003.