Table of contents
The third edition of 0100 International, organised by Zero One Hundred Conferences in partnership with the Department of Economic Development of the Municipality of Milan and Milano&Partners, brought together the global investor community for a high-level strategic meeting, which took place from 27 to 29 October.
The event, which we had previewed as media partners, welcomed Over 800 participants from more than 50 countries, including over 130 speakers representing companies with total assets under management of approximately €13 trillion. With more than 630 limited partners, general partners and family offices in attendance. Discussions focused on the main dynamics shaping private markets today: disciplined analysis in a context of “higher for longer” interest rates, secondary markets as a strategic liquidity tool, the shift from a formal ESG approach to one focused on metrics that are truly useful for decision-making, and Europe’s competitive advantage, from Italian family-run industrial champions to the convergence between deep tech and the real economy.
With a select audience of investors from companies such as 500 Global, Adams Street Partners, AltamarCam, Andbank, Ares Management, Ardian, BlackRock, BNP Paribas, Bocconi Endowment, Bridgepoint, Carlyle, Coller Capital, CDP Equity, CVC, EIF, FERI, Fondo Italiano d’Investimento, Generali Investments, H.I.G. Europe, Hamilton Lane, HarbourVest, Hercules Capital, Hg, HV Capital, Isomer Capital, KKR, LGT Capital Partners, MN, National Bank of Greece, Partners Group, Permira, Rancilio Cube, Rothschild & Co, SEB Group, Seedcamp, Schroders Capital, Société Générale Private Banking, StepStone, Unigestion, Verdane, Vitruvian Partners e molti altri, 0100 International 2025 si è affermata come una delle conferenze più importanti in Europa dedicate al private market.
The main themes
For limited partners and major allocators, issues such as portfolio design throughout the cycle are important. LPs emphasised the importance of discipline in investment rhythms, diversification by vintage and proactive liquidity planning, in a context of longer exits, often balancing core buyouts with targeted exposures to growth, venture and private credit, as well as manager selection and governance with alignment mechanisms such as carry structures, access to co-investments, fee transparency and quality of governance data, are considered essential.
From ESG to outcomes. The focus has shifted from labels to measurable results linked to value creation and risk mitigation, also taking into account regional regulatory differences.
Secondaries as a portfolio tool. GP-led and LP-led processes are used to manage duration, generate liquidity on NAV and rebalance portfolios, provided that processes and valuations remain rigorous.
For private equity, operational growth is more important than multiple expansion. Operators highlighted EBITDA-driven growth: pricing power, commercial excellence, procurement and process digitalisation.
Sector rotation. Defensive sectors such as healthcare services, critical software and mission-critical B2B remain favoured; cyclical or rate-sensitive assets require extremely selective underwriting.
Readiness for sale. With limited IPO windows, sponsors are pursuing dual-track approaches, improving carve-out reporting and implementing KPIs to broaden the base of potential buyers (strategic, infrastructure and private credit).
Co-investments and speed. Strong pipelines persist, but LP participation depends on speed, information symmetry, and alignment.
Venture capital and growth have shifted from growth at any cost to efficiency of scale. Capital efficiency, milestone-based rounds and good governance have replaced momentum-based investing.
Deep tech and the real economy. Energy transition, industrial automation, bioeconomy and applied AI dominated, with a focus on scalable and capital-light models.
Impact beyond acronyms. The discussion redefined ‘impact’ as intentionality and measurable results, avoiding the proliferation of reporting that obscures performance.
Secondary and continuation vehicles. Structured solutions increasingly support late-stage liquidity and alignment between founders, early VCs and new growth investors.
Anti-cyclical characteristics are important for private credit. Senior secured direct lending, asset-based finance and specialist credit continue to attract investors due to variable income and covenant protection.
Underwriting and protections. More stringent documentation, sector selectivity and real-time monitoring become crucial as competition increases.
Sponsor versus non-sponsor. The integration of sponsor-backed deal flow and proprietary asset-backed opportunities is considered more resilient across cycles.
The evolution of Italian opportunity
The Milanese ecosystem has emerged as a launch pad for family-owned and founder-led companies seeking partners to professionalise governance, digitise operations and expand internationally. Investors highlighted: succession opportunities and buy-and-build strategies in the industrial and services sectors; export orientation and pricing power in the premium segments of Made in Italy; technology adoption in manufacturing, healthcare and fintech; an increasingly solid capital hub in Milan, where international and pan-European platforms use Italy as a growth hub. Italy’s mix of resilient mid-market champions and succession dynamics remains highly attractive for bespoke buyout, growth equity and private credit transactions.
ALL RIGHTS RESERVED ©