Italian manager Anthilia unveils fifth private debt fund

Anthilia Capital Partners has announced the first close of its institutional senior private debt fund as it expands its range of alternative investment offerings.

The Italian €2.3bn (£1.9bn) private debt manager has launched Anthilia BIT V, the fifth “vintage” of its senior strategy.

Anthilia said it raised more than €320m in 2025, with over €150m allocated specifically to its private debt strategy across institutional and private channels.

The firm is targeting a total raise of €400m over the next two years across its private debt strategies, having already invested nearly €2bn in small and medium-sized enterprises (SMEs).

“With the launch of BIT V, Anthilia confirms its active role in channeling both institutional and private wealth to support the country’s productive fabric,” said Giovanni Landi, senior partner and chairman of Anthilia. “Our primary goal is to act as a bridge between public and private capital in support of the real economy, a mission we have been able to implement through numerous initiatives and market contexts.”

The Anthilia BIT V fund will focus on growth financing, supporting production expansion, acquisitions and succession planning, with target companies generating annual revenues of between €10m and €300m.

According to Anthilia, the fund qualifies as a PIR-compliant vehicle, allowing institutional investors with pension mandates to benefit from tax advantages.

PIR – or Piani Individuali di Risparmio – are Italian long-term savings plans, designed to encourage investments in small and medium-sized Italian companies while providing tax exemptions.

Anthilia said the fund has already attracted institutional investors, including Cassa Depositi e Prestiti and its banking partners Banco di Desio e della Brianza, Banca Valsabbina and Cassa Lombarda, as well as regional banks, insurance companies and banking foundations.