The Italian private equity market is reviving after a lacklustre 12 months, according to industry participants. They see the sector adapting to the changing economic environment, both locally and internationally. An era of focus and specialisation lies ahead as the market matures, they claim. However, competition is growing.

Giuseppe Turri, senior partner at Clessidra, a market newcomer that describes itself as the largest domestic fund operating in Italy, said: "This year has started with four or five significant deals begun last year." Clessidra has generated three deals, representing an investment of €150m ($183m) in the past 12 months.