01/07/2025
For years, our industry has proactively advocated for tax incentives, not just to unlock financial resources, but also to raise awareness among institutional investors about venture capital as a driver of a new economic paradigm.
Starting with early reforms under ex-Minister Corrado Passera, followed by the establishment of CDP Venture Capital SGR, our momentum built steadily. The Draghi Report and speech to the European Parliament then underscored the urgent need to unlock capital for innovation, competitiveness, and strategic autonomy across Europe.
Now, the latest integration into the Decreto Economia – championed by Ministero delle Imprese e del Made in Italy – marks a concrete structural leap, enabling pension funds and welfare institutions to channel capital into venture investing.
What changes:
🔵 Indirect investments (via funds of funds or vehicles) are fully recognised
🔵 The allocation threshold is phased in: 3% from 2025, 5% in 2026, 10% in 2027
🔵 VC investments now count based on committed capital, not just disbursed funds
The impact? According to government estimates, over €2 billion could now be redirected into venture capital, fuelling innovation, supporting scaleups, and strengthening Italy’s tech backbone.
"This represents meaningful progress in connecting institutional capital to innovation and the real economy. Facilitating the gradual involvement of pension funds in the venture capital market is a constructive way to support long-term development." - Andrea Di Camillo, CEO & Founder P101.
👉 Learn more here: https://advisoronline.it/uncategorized/istituzionali/venture-capital-dal-governo-nuove-regole-per-casse-e-fondi-pensione