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(Bloomberg) — KKR & Co. is opening an office in Milan, part of the firm’s plan to tap the growing wealth market and investment opportunities in Italy’s financial capital.
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Italy is an “important market” for KKR and it offers a “growing opportunity for private capital,” KKR Co-Chief Executive Officers Joe Bae and Scott Nuttall said in a statement on Thursday.
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New York-based KKR has invested €10 billion ($11.6 billion) in Italy since 2005 across private equity, real assets and credit. Among their biggest bets is FiberCop, a land-line network business purchased from Telecom Italia SpA in 2023. Other investments include Enilive, focused on the energy transition, and automated packaging firm CMC.
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The Milan office will be led by Marco Fontana, a partner in KKR’s infrastructure team, who will relocate from London. Nicolò Della Casa will head the firm’s private equity activities in Italy.
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Italy’s “depth of founder- and family-owned businesses across a broad range of industries,” presents an attractive environment for private equity, Della Casa said in the statement.
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Corriere della Sera reported earlier on KKR’s new Milan office.
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Milan has seen an influx in wealth, as tax incentives have attracted returning professionals and well-heeled expats from countries such as the UK.
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Other banking and investment firms, including Ares Management Corp., France’s Abenex Capital SAS and advisory firm PJT Partners Inc., have set up office in the city, while Goldman Sachs Group Inc. has moved some staff to Milan as well.
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—With assistance from Antonio Vanuzzo and Flavia Rotondi.
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