Ceresio Investors Private Markets | 2025

Public vs Private Markets: Growth Strategies Compared

Two events – one in Milan at the Centro Svizzero Milano and one in Lugano at Banca del Ceresio – brought together over 250 participants for the conference organized by Ceresio Investors Private Markets, titled “Public vs Private Markets: Growth Strategies Compared”, and held under the patronage in Lugano of the Embassy of Italy in Bern and the Italian Chamber of Commerce for Switzerland.

The event provided a valuable opportunity for dialogue between financial professionals and entrepreneurs on different ways to access capital and on growth strategies, with a focus on the dynamics of public and private markets. Alessandro Santini, Group Executive Board Member and Head of the Ceresio Investors Private Markets investment program, opened both evenings with an overview of the sector’s main trends.

 

KEY DATA HIGHLIGHTS

• Equity market performance (2019–2025): The FTSE Italia All Share index recorded a return of +135%, outperforming the Russell 3000 (USA, +130%) and the Eurostoxx 600 (Europe, +69%). Over a longer horizon (2014–2025), Italy posted a +201% gain, second only to the USA (+279%)
• Ownership structure of listed Italian companies (2024): 60.2% were family-controlled, with an even stronger presence among SMEs (67%). (Source: Consob)
• Private Equity in Europe (2019–2024): Fundraising showed strong fluctuations, peaking at €195 billion in 2022, followed by a -30% drop in 2023 and -12% in 2024. Investments rebounded in 2024 (€126 billion, +24%), while divestments rose to €46 billion (+44%). (Source: Invest Europe)
• Private Equity investments in Italy (2024): Equal to 0.21% of GDP, well below the European average (0.54%) and major European countries. (Source: Invest Europe)
• Private Equity and Venture Capital transactions by deal size (2019–2024): Deals under €150 million grew by +58%, while those ≥€150 million showed high volatility, hitting a low in 2023 and recovering in 2024. (Source: AIFI)

 

ROUNDTABLE DISCUSSIONS

The roundtable in Milan featured:

• Matteo de Brabant, Founder & Chairman, Jakala
• Giorgio Franceschi, CEO, ISA – Istituto Atesino di Sviluppo
• Barbara Lunghi, Head of Primary Equity Markets, Borsa Italiana S.p.A., Euronext Group
• Pierluigi Paracchi, CEO Genenta Science (Nasdaq: GNTA) and Chairman, Fondazione Praexidia

The roundtable in Lugano featured:

• Giorgio Franceschi, CEO, ISA – Istituto Atesino di Sviluppo
• Pierluigi Paracchi, CEO Genenta Science (Nasdaq: GNTA) and Chairman, Fondazione Praexidia
• Nils Planzer, CEO and Chairman of the Board, Planzer

Moderated by Prof. Carmine Garzia (SUPSI and UNISG), the discussions highlighted how the choice between public and private markets should be guided by a careful assessment of the company’s development stage, strategic goals, and regulatory context. Governance emerged as a central factor in determining the sustainability and effectiveness of the growth path: ownership structure, shareholder roles, and management quality are key elements in selecting the most suitable financing channel.

CONCLUSIONS

In closing, Alessandro Santini shared a reflection on the Ceresio Investors approach: “Private Markets continue to grow, offering flexible and tailored solutions for companies in development, but also posing challenges in terms of accessibility and transparency. As a Group, we do not advocate a one-size-fits-all approach: we believe every growth path should be custom-built, based on the company’s characteristics and objectives. We have supported companies through IPOs, which we still consider a powerful growth tool; advised others against it, either because they weren’t ready or because it wasn’t the right fit; and facilitated club deals and hybrid operations, as reflected by the professionals we invited—partners with whom we have shared concrete projects and strategic visions.”

 

The philosophy of Ceresio Investors is rooted in co-investment: an approach that enables authentic risk management by aligning interests with those of Clients and Partners. For over 100 years, the Group has supported businesses and families in their growth journey through Active Portfolio Management, with a long-term vision and a consistently personalized strategy.