0100 International Recap: Strategies, Shifts, and Signals From the Market — 0100 Weekly Brief
What a week it’s been.
0100 International 2025 brought together investors, fund managers, and innovators from all over Europe to discuss what’s next for private markets.
From discussions about global uncertainty to financing the energy transition, the conversations in Milan showed how the industry is adapting to a new investment reality, one defined by resilience, sustainability, and smarter capital.
Here are some of the insights and panels that inspired us this week.
Private Markets in a Polycrisis World — How LPs & GPs Are Rethinking Risk and Return
The opening panel brought together Marco Natoli (European Investment Fund), Marzia Bartolomei Corsi (Fondo Italiano d’Investimento), Giorgio Dinaro (Permira), Sona Muzikarova (Atlantic Council), Jens Magnusson (SEB), Diva Tommei (28Digital), and moderator Maria Fusco (EY-Parthenon). Together, they explored how investors are managing risk and finding opportunity in a world marked by geopolitical tension, inflation, and uneven growth.
Speakers described today’s environment as a “policy-driven era,” where government priorities in defense, energy, and semiconductors increasingly shape investment decisions. The conversation highlighted a shift from leverage toward operational excellence, digital tools, and resilient leadership. Europe’s stability, they agreed, can be a true competitive advantage if integration and innovation continue. The EIF now invests €7.5B annually and even allows defense-related tech investments.
The main takeaway: Investors are prioritizing sustainability, governance, and long-term value over short-term returns.
The Green Shift — Bringing Private Capital to Energy Transition Innovation
Antoine Bateman (Ardian), Viviana Occhionorelli (Astorg), Fredrik Franke (Norvestor), Ana Alvarez Grullon (KeenSight), Cornelia Gomez (General Atlantic), and Nathalie Thébault (Egeria) to discuss how private capital is accelerating the global energy transition.
Speakers agreed that sustainability has become a central part of value creation, not just a regulatory requirement. ESG is now integrated into every stage of investment, from due diligence and portfolio management to board-level strategy. They also shared that setting measurable, science-based targets is key to turning sustainability into long-term performance.
While challenges remain around reporting standards and impact measurement, the overall message was clear: sustainable investing is now smart investing, it drives innovation, strengthens returns, and helps future-proof portfolios.
Secondaries — Specialization in a Maturing Market
This panel brought together Igor De La Sota (Cardumen Capital), André Aubert (LGT Capital Partners), Teddy Mouawad (Keyhaven Capital Partners), and Matt Russell (Vencap) to discuss how secondaries have become a core part of private markets rather than a niche strategy. As liquidity tightens and holding periods stretch, continuation vehicles and tailored secondary deals are helping both GPs and LPs manage capital more flexibly.
Igor, André. Teddy and Matt noted that market volume continues to grow, driven by the need for liquidity solutions and the rise of specialized funds. However, they also emphasized that not all deals reach completion, discipline, transparency, and alignment remain essential. Investors are demanding stronger governance, fairness opinions, and GP co-investment to ensure credibility.
The takeaway: Secondaries are maturing fast, evolving from opportunistic trades into a strategic tool for long-term portfolio management.
Redstone VC: The First Diversified VC ELTIF Master Fund in Europe
Redstone’s keynote presented a first for Europe, a diversified venture capital ELTIF master fund designed to make VC accessible to more investors. The fund combines several specialized strategies under one structure, helping LPs spread risk and gain exposure to innovation while meeting new European retail investment rules.
For GPs, this model means a new channel to raise capital more efficiently, while LPs benefit from liquidity, transparency, and diversification. Redstone’s experience showed that with the right setup, regulated long-term funds like ELTIFs can open private markets to a broader investor base, a big step toward more inclusive and scalable VC in Europe.
Private Credit as an All-Weather Asset Class — Risks and Rewards
This session featured Simone Zacchi (CVC Credit), Tyrone Cooney (Ares Management), Nicola Falcinelli (The Carlyle Group), Suzana Perić (Oaktree Capital Management), and Roberto Ippolito (Clessidra Capital Credit). Together, they discussed how private credit has become a cornerstone of modern portfolios as traditional banks retreat and market volatility persists.
Direct lending is filling the gap left by banks, especially in markets like Italy, where private debt has surged by 400% since 2019. While returns remain steady, panelists cautioned about rising refinancing and default risks in a high-rate environment.
The conclusion: Private credit has proven itself an all-weather asset, combining strong demand, reliable yield, and agility through changing conditions.
A quick mention to our Media Partner, We Wealth, and its new edition of Family Office & Family business
Did You Miss Our 0100 Events in 2025?
This year’s events in Milan, Prague, and Luxembourg brought together hundreds of investors, fund managers, and innovators from across the world. We exchanged ideas, discussed the future of private markets, and got a direct feeling of what’s happening out there.
The conversations were inspiring, the networking was dynamic, and the insights were invaluable. We promise to raise the bar even higher next year.
If you couldn’t make it to our 2025 conferences, it’s time to mark your calendar for our 2026 lineup. Join us in:
Vienna for 0100 DACH (24–26 February 2026)
Amsterdam for 0100 Europe (21–23 April 2026)
Budapest for 0100 Emerging Europe (September 2026).
🌍 Across the Ecosystem | News & Useful Resources for You
Everyone in venture capital is talking about what’s next for private markets in Europe, and Italy is stepping into the spotlight. With new fiscal incentives encouraging LPs to back local VC funds, the country could see fresh momentum in startup investing.
However, many investors are approaching the market carefully, watching global shifts and liquidity challenges that could define the coming years. At the same time, leaders across private equity are warning of a different trend: a growing number of “zombie firms” struggling to raise new capital.
Here’s a look at how the conversation around European venture and private capital is evolving:
📄 Article | Italian LPs poised to invest more in VC
Italian limited partners (LPs) are finally showing more interest in venture capital, encouraged by new government tax breaks aimed at getting pension funds to invest in local VC funds. After years of lagging behind countries like France and Germany, where state-backed initiatives have helped bring institutional money into venture, Italy is starting to catch up.
Local investors say Italy has the right ingredients, wealth, talent, and corporate presence, but needs stronger education, more active private capital, and better exit opportunities to compete with Europe’s top innovation hubs.
📄 Article | Private capital zombie firms will pile up in the next decade
The head of EQT, Per Franzén, warned that up to 80% of private capital firms could turn into “zombie” firms within the next decade, managing only existing investments because they’re unable to raise new funds. Out of roughly 15,000 firms in existence, only about 5,000 have successfully raised capital in the past seven years.
Many funds are now relying on continuation vehicles, structures that let firms sell assets to themselves and keep collecting fees, but he advises that this is not a viable long-term business model.