Private Investment Forum 2025: navigating the future of private capital

With public markets experiencing increasing volatility and financial regulation tightening worldwide, private capital is solidifying its role as a key driver of economic growth. Organized by SDA Bocconi Finance Club, the Private Investment Forum 2025 gathered industry leaders, investors and executives to explore the challenges and opportunities shaping private equity, venture capital and infrastructure investments. Now in its fourth edition, this exclusive event provided MBA students and alumni with valuable insights into the latest trends driving private markets, from AI-powered deal-making to impact investing, offering a unique perspective on the forces reshaping global finance.

Stefano Caselli, Dean of SDA Bocconi, opened the forum by emphasizing its significance as a leading platform for thought leadership in private capital, setting the tone for an afternoon of in-depth analysis and debate. Alexander Cubellis, President of SDA Bocconi Finance Club, then took the floor, welcoming participants and acknowledging the profound transformations happening in the sector. Following his remarks, Massimo Della Ragione, Professor of Practice in Investment Banking, introduced Anna Skoglund, Managing Director and Head of Financial Sponsors EMEA at Goldman Sachs, as the first keynote speaker of the event.

Skoglund shared her personal journey, describing herself as an ‘accidental investment banker’ and recounting her career from an analyst at Goldman Sachs in 1996 to her role in private investments. Using the intriguing metaphor of the ‘Three Norns’ from Norse mythology - representing the past, present and future - she traced the evolution of private equity from its origins in leveraged buyouts to today’s more complex and diversified landscape. “Regulatory frameworks are evolving, requiring firms to be more agile and proactive. At the same time, technology is changing the game, from AI-driven deal sourcing to digital due diligence”, she added. Looking ahead, she highlighted key drivers for the industry’s future, including platform expansion, product innovation and capital formation, with talent remaining central to success.

The forum then moved into its first panel, moderated by Professor of Finance Stefano Gatti and exploring the role of infrastructure investments. Alberto Ponti, Senior Partner at F2i SGR, highlighted the impact of rising interest rates on liquidity, stating: “With the current economic environment, infrastructure investors must carefully assess financing structures to ensure long-term sustainability.” Serge Lauper, Managing Director at BlackRock, stressed the need for diversification to mitigate risks: “A well-diversified infrastructure portfolio is crucial in times of macroeconomic uncertainty, allowing investors to weather volatility and capture long-term value.” Federica Gallina, Senior Investment Director at Sosteneo Infrastructure Partners, underlined the strategic importance of energy transition: “Investing in clean energy infrastructure is not just a necessity for sustainability, but also a major driver of economic growth and long-term investment returns.” Francisco Cabeza, Partner at Antin Infrastructure Partners, shared insights on unconventional investment opportunities, emphasizing: “Infrastructure investment must evolve beyond traditional assets, with digital infrastructure, sustainable transport and social infrastructure presenting significant opportunities for growth.”

The second panel, led by Professor of Corporate Finance Maurizio Dallocchio, focused on private equity and innovation. Alice Giudicatti, Head of Strategy at Tech Europe Foundation, introduced the initiative aimed at making Milan a global tech hub, explaining: “Italy has an incredible talent pool, but we lack the infrastructure to transform research into scalable businesses.” Francesco Canzonieri, CEO of Nextalia SGR, discussed the increasing difficulty in fundraising due to reduced liquidity and fewer exit opportunities: “The private equity landscape is undergoing a shift, with investors becoming more selective and looking for businesses with strong fundamentals and stable growth potential.” Marco Nespolo, Group CEO of Fedrigoni Group, highlighted the importance of resilience in navigating economic uncertainty, adding: “In an environment of volatility, businesses backed by private equity must be agile and ready to adapt, leveraging long-term strategies to drive value creation.”

The third panel, moderated by Professor Massimo Della Ragione, addressed venture capital challenges in Europe. Simone Riva, Senior Principal at Partech, talked about the limited availability of early-stage funding in Italy compared to other European countries, remarking: “We need more capital to be deployed at the early stages. Without sufficient seed and Series A funding, we risk losing promising startups to more developed ecosystems abroad.” Alessandra Mazzilli, Investment Team Member at Earlybird Venture Capital, illustrated how their high-conviction strategy allows them to support startups with significant growth potential: “Venture capital must take bold bets on founders who are solving real, scalable problems. Our approach is to identify and back those high-impact opportunities early on.” Ileana Pirozzi, Head of Healthcare Ventures at Lingotto Innovation, stressed the importance of bridging the gap between scientific research and commercialization: “We need to create an ecosystem where deep-tech startups can access the funding and mentorship they need to scale.” Mario Costantini, CEO and Head of Investment at Neva SGR, underlined their global investment approach in biotech, cybersecurity and energy transition “We look at innovation with a global perspective, identifying trends that will shape the next decade and backing the companies that are leading this transformation.”

The event concluded with a final keynote by Andrea Rota, Managing Director at Club degli Investitori, who explored the growing significance of angel investments in fostering innovation and entrepreneurship. Rota highlighted the crucial role that angel investors play in bridging the gap between early-stage startups and larger venture capital funds, emphasizing that “the success of Europe's startup ecosystem relies on creating a solid foundation of angel investors willing to take early risks and nurture groundbreaking ideas.” He pointed out that while venture capital is essential for scaling companies, angel investments are often the catalyst that enables early-stage businesses to develop and thrive, underscoring the need for a more structured and coordinated approach to support startups from inception to global expansion.

Following the keynote, the forum closed with words of appreciation for the speakers, panelists and organizers who contributed to making the event a meaningful platform for exchange, culminating in a networking dinner that provided a relaxed setting to continue conversations and build new connections.

The Private Investment Forum 2025 once again proved to be a key gathering for exploring the future of private capital. Beyond the numbers and deal structures, what stood out most was the shared sense of urgency and purpose. Whether discussing the role of AI in investment decisions, the infrastructure needed to support emerging tech ecosystems or the challenges of securing capital in volatile markets, the conversations in each panel revealed an industry at an inflection point: navigating shifting regulations, technological advancements and the growing pressure to balance returns with long-term impact.

As the landscape continues to evolve, collaboration between private equity, venture capital and institutional investors will be crucial to unlocking opportunities and addressing emerging challenges. Events like this will remain essential in fostering dialogue, driving innovation and shaping the next generation of leaders in the industry.

SDA Bocconi School of Management