Funding del private equity tra crisi di liquidità e problemi di governance: quali lezioni per l'Italia?

[Autom. eng. transl.] The tumultuous growth of the private equity market in venture capital funds or leveraged buyouts, which occurred in Anglo-Saxon countries, traditional forerunners of innovative financial instruments and operations, also involved - albeit with a delayed outbreak and with smaller volumes - the Continental Europe and our country. Italy's delay - far from surprising - on the one hand has allowed it to seize only partially the opportunity to finance technologically innovative companies or facilitate changes of ownership even on occasions of restructuring and generational changes, but on the other hand it is partially placing it away from systemic problems, which have significant repercussions on financial markets and intermediaries. The explosion of liquidity in the international financial markets, which occurred since 2003 (after the reappearance of the stock market drops following the explosion of the Internet speculative bubble and after September 11th 2001) until June 2007, when the subprime mortgage market began to creak, it has many causes, even interacting with each other, and is due primarily to investments of the surplus of oil-producing countries, to the surpluses of emerging countries (especially in Asia), affected by unprecedented structural economic growth, with supply of funds increasingly important sovereigns, at nominal and real interest rates at historic lows, with a consequent reduction in the cost of money. Money and liquidity are also - in hindsight - a "raw material", which has never been as abundant, cheap, and naturally in search of profitable jobs as in the period described, which have invested real assets like a flooding river , bursting and not always selective. The growth of stock markets has increased earnings and produced new liquidity, in a virtuous circle that has self-sustained, supported by robust global economic development, albeit with many differences, to their extremes exemplified by the boom in Asian tigers, on the one hand which has been counterbalanced by the asphyxiating growth of Europe, on the other. Italy, lagging behind, has had and still is experiencing increasing difficulties in joining this growth process (now slowing down) and attracting international investments, attracted by other countries with more intriguing prospects.