Giovanni Amodeo hosted a fireside chat with Stefano Iamoni, CEO of Consilium, as part of the ION Influencers series. The discussion centered around finding B2B opportunities in Italy, with Stefano sharing his extensive experience and insights from his career in consulting, investment banking, and private equity.

Key Topics Discussed:

Stefano Iamoni’s Career Journey: Stefano’s background includes roles at Bain & Company, SG Warburg, and Solomon Brothers. Transition to private equity with Kairos and the founding of Consilium in 2006.

Private Equity Landscape in Italy: Evolution of the industry from bank-affiliated entities to independent firms. Challenges and opportunities in the Italian market, including political stability and regulatory certainty.

Fundraising and Investment Cycles: Impact of major economic events like the dot-com bubble, the Great Financial Crisis, and COVID-19 on fundraising. Differences in fundraising environments between Italy and other European countries like Germany and France.

Investor Concerns and Market Perception: Persistent concerns about investing in Italy and how they have evolved. The importance of understanding and mitigating these concerns to attract foreign investment.

Democratization of Private Equity: Stefano’s critical view on the trend of allowing retail investors to participate in private equity. The complexities and risks associated with democratizing private equity investments.

Strategies for Raising Capital: The role of high-net-worth individuals and family offices in fundraising. The importance of targeting the right institutional investors who understand the Italian market.

Sector Specialization and Investment Focus: Consilium’s focus on niche sectors within the B2B space, such as automation and third-party manufacturing. The rationale behind avoiding B2C investments due to past performance.

Deal Origination and Execution: Consilium’s unique model of maintaining a network of 1,000 intermediaries for deal flow. The importance of human interaction in deal-making, especially with family-owned businesses.

Future Outlook for Exits and Market Trends: Expectations for an increase in exits from private equity firms in Italy. The significance of strategic fit and management capability in successful buy-and-build strategies.

Conclusion: Stefano Iamoni provided valuable insights into the dynamics of the private equity market in Italy, highlighting both the challenges and opportunities. His emphasis on the importance of niche specialization, strategic fit, and maintaining strong relationships with intermediaries offers a roadmap for navigating the complexities of the Italian market. This engaging discussion underscores the resilience and adaptability required to succeed in the ever-evolving landscape of private equity.

Key timestamps:

00:09 Introduction to the Fireside Chat
01:55 Investment Cycles in Italy
04:24 The Evolution of the Private Equity Landscape
06:31 Investor Concerns and Market Dynamics
08:05 The Democratization of Private Equity
11:00 Capital Raising Strategies for Funds
14:21 Investment Focus: B2B vs B2C
18:11 Defining Market Size and Opportunities
20:09 Origination Strategies for Transactions
21:34 Deal Flow and Opportunity Generation
22:27 The Role of Technology in Deal Origination
23:40 Future Trends in Exits and Market Health
24:22 Platform Deals vs. Buy and Build Strategies
25:35 Challenges in Integration Post-Acquisition
26:33 Conclusion and Final Thoughts