What is the role of family offices in supporting the development of Italian businesses and the economy? And what can be done to make them more effective? Precisely because of their strong industrial and entrepreneurial nature, i family offices tend to favor transactions with high strategic and development content, where they can contribute in terms of contacts and relationships, bringing not only capital but also specific experiences and skills. They also invest both through expert operators and controlled, usually closed-end funds, either directly, alone or more often through participation in club deals.
Necessary skills and support
However, these operators do not always possess all the necessary skills. Therefore, to increase operation and incisivenessit can be very beneficial for them to use the support of individuals who have gained specific experience in the Private Equity sector and/or can bring additional skills and useful contacts to maximize the chances of success and enough to approach, with awareness and skill, this interesting but complex class of investment.
Synergistic union and economic development
As is the case in the most advanced financial markets, this synergistic combination may prove beneficial in ensuring that the contribution of family offices in the economic and industrial development of the country increasingly important. For investments by domestic family offices or in any case related to Italian economic entities, whether they invest through investment funds or directly, these are usually sources that invest more in Italian companies, often with patient capital logic and long-term, and therefore do not necessarily aim at their disinvestment in the short term or within predetermined time limits.
Cultural and regulatory support
So I believe that the continued increase in interest in investment activity in private equity by this category of operators should be supported and facilitated in all its forms, both on a cultural level, by developing initiatives aimed at making the characteristics of private equity investment deeper and more detailed , and at the legislative and regulatory level. , leaving these operators as required flexibility to operate and invest in the manner they deem most appropriate based on their particular characteristics and skills.
Importance of qualified resources
These are essentially very valuable and qualified sources that, regardless of investment structure adopted, however they will flow into Italian businesses and economy. There are many Italian investors, including institutional and certainly highly regulated, but more willing to invest abroad than in Italy.
Investments in national companies
So let’s make sure that the resources of Italian family offices continue to be invested to a greater extent national businesses that provide jobs and opportunities also to our young people, avoiding the danger of placing obstacles and restrictions on their operations, which would only run the risk of changing their minds. (All rights reserved)
fabio.sattin@unibocconi.it