Information on the target
The closing of 21 Next has been successfully completed, marking the establishment of a new European alternative asset management platform formed through the integration of 21 Invest and Tages, under the direction of Edizione S.p.A., the holding company of the Benetton family. This operation, announced at the end of November, has recently received all necessary approvals from the European Commission, the Italian Competition Authority, the Bank of Italy, and the French Autorité des marchés financiers, allowing for the finalization of the merger. The confirmed shareholding structure indicates that Edizione holds a 55% stake in 21 Next, while the remaining 45% is owned by Alessandro Benetton for 21 Invest, Panfilo Tarantelli, Umberto Quadrino, and Sergio Ascolani for Tages, along with the senior management of both platforms.
21 Next begins its journey with approximately €3 billion in assets under management, 11 active funds, and a team of over 100 professionals, with offices located in Milan, Treviso, and Paris. The platform is focused on Italy, France, Spain, and the Benelux region, with a declared objective to surpass €10 billion in assets under management in the coming years, supported by €500 million in seed capital provided by Edizione to finance new initiatives.
Industry overview in the target’s specific country
The Closed End Funds industry in Italy has been characterized by a growing interest from institutional investors seeking diversified investment opportunities. This sector has seen a notable increase in assets under management, driven by the demand for alternative investment strategies that provide stable returns in a low-interest-rate environment. Closed end funds, which pool capital from investors to invest in a diversified portfolio of assets, have become an attractive option for those looking to mitigate risks associated with traditional equity and fixed-income investments.
In recent years, the Italian market for closed end funds has evolved significantly, with regulatory frameworks becoming more conducive to the establishment and management of these investment vehicles. The Italian government and regulatory bodies have implemented reforms aimed at enhancing transparency and investor protection, which has bolstered confidence among potential investors. This has led to an influx of capital into the sector, as institutional investors increasingly allocate funds to closed end structures that offer unique investment opportunities.
Moreover, the competitive landscape within the Italian closed end funds market is becoming increasingly fragmented, with numerous players vying for market share. This fragmentation presents both challenges and opportunities for new entrants and established firms alike. As firms like 21 Next emerge, they are well-positioned to capitalize on this dynamic environment by leveraging their expertise and resources to attract institutional capital and expand their offerings.
As the industry continues to mature, the focus on innovative investment strategies and the ability to adapt to changing market conditions will be crucial for success. The integratio…