Taxation of Italian Private Equity Funds

This article provides an analysis of the tax regime of Italian private equity funds (“Private Equity Funds” or “Funds”) set-up in the form of closed-end funds, focusing on taxation applicable on the income realised by the Funds and their investors. Furthermore a brief description of an alternative private equity structure utilizing a new closed-end investment company – SICAF (Società di investimento a capitale fisso) – is also provided. This article provides an analysis of the tax regime of Italian private equity funds (“Private Equity Funds” or “Funds”) set-up in the form of closed-end funds, focusing on taxation applicable on the income realised by the Funds and their investors. Furthermore a brief description of an alternative private equity structure utilizing a new closed-end investment company – SICAF (Società di investimento a capitale fisso) – is also provided.