Abstract
The business environment of recent years has severely modified relations and balances between private equity fund managers and potential investors. The impact has been particularly strong for the Italian market, characterized by small funds as well as by investment strategies mainly focused on national territory. A significant number of managers perceive the need of internationalizing fundraising in order to reach the target set and desirable. "Foreign capital" becomes essential given the gradual decline of investments made by the national banking system in the private equity sector which, for many years, has represented the main source of funding. However, both for the Italian and foreign investors, the relation between manager and investor is deeply changed in favor of a strong balance, or imbalance, towards the prevailing interests of potential investors. Present document main goal is to provide an introductory analysis in relation to the key terms and conditions, both structural and commercial, which characterize alternative investment funds and, in particular, private equity funds. Although it is difficult to define a market practice, the paper will seek to identify elements already consolidated in business relations between manager and investors, as well as those features that, on the contrary, are subject to a continuous evolution and negotiation between the counterparts, referring also to some peculiarities of venture capital, infrastructural and debt funds.