Edizione, 21 Invest and Tages launch 21 Next, a new pan-European alternative asset management platform

Edizione S.p.A., the Benetton family’s investment holding company, Gruppo 21 Invest and Gruppo Tages have signed binding agreements to establish a leading integrated pan-European group, controlled by the newly incorporated 21 Next S.p.A., a holding company operating in the alternative asset management sector with a focus on private equity, infrastructure, private debt and venture capital.

Following the transaction, 21 Next S.p.A. will hold the entire share capital of Tages Capital SGR S.p.A., 21 Invest SGR S.p.A. and 21 Invest France S.A.S.

Edizione S.p.A. will control 21 Next S.p.A., while the remaining share capital will be held by the founding partners of Gruppo Tages and 21 Invest, as well as the current senior managers of the two SGRs and of 21 Invest France, who will reinvest in the share capital of 21 Next S.p.A., thereby ensuring strategic continuity and alignment of interests with investors. Alessandro Benetton and Panfilo Tarantelli will serve respectively as Chairman and CEO of 21 Next S.p.A.

The new group, which at inception will manage €3 billion in assets, aims to reach €10 billion in assets under management over the coming years, supported by €500 million in seed capital to be provided by Edizione to finance the launch of new funds.

The closing of the transaction, subject to the necessary regulatory approvals, is expected by summer 2026.

Gatti Pavesi Bianchi Ludovici advised Edizione with a multidisciplinary team led by equity partner Carlo Pavesi and partner Federico Cenzi Venezze, supported by junior partner Vittorio Cavajoni, senior associate Daniele Rabitti and associates Giorgia Davico and Emanuele Borelli on the corporate and contractual aspects. The tax structuring of the transaction was handled by equity partners Paolo Ludovici and Loredana Conidi, and junior partner Daniel Canola. Partner Raffaele Sansone, senior associate Floriana Sarra and associate Marco Corda oversaw the regulatory and asset management aspects of the transaction, while junior partner Elisabetta Patelli handled golden power matters. Partner Andrea Gaboardi and associate Nicolò Schiavo advised on employment matters. Antitrust aspects were handled by equity partner Stefano Grassani and counsel Andrea Torazzi.

BDGS Associés advised Edizione with a team led by partner David Andréani. The team included associate Jules Delagrange, who advised on the French regulatory aspects relating to corporate and asset management matters, as well as senior associate Florian Bosser and associate Marie Vialle, who handled French foreign direct investment issues.

Flichy Grangé Avocats advised Edizione with a team composed of partner Joël Grangé, partner Romain Guichard and associate Sarah Mir-Emarati on French employment and social security matters.

BonelliErede acted for the shareholders of Tages S.p.A. and Tages Capital SGR S.p.A. with a multidisciplinary team led by partners Anna Di Vilio and Stefano Micheli, and composed of senior associate Alessandro Ippolito and associate Alberto Picece on M&A matters, and associates Antonio Rossi and Luciano Vitali on regulatory aspects. Partner Vittorio Pomarici and senior associate Alessia Varesi handled employment matters, while partner Luca Perfetti, together with associate Andrea Gemmi, oversaw golden power aspects. Of counsel Maurizio Pappalardo, supported by Ciro Gaita, managed the antitrust aspects.

Hogan Lovells advised Gruppo 21 Invest with a team led by partner Luca Picone, together with senior associates Martino Filippi and Francesco De Michele, and associate Paola Rossi.