Abstract
Over the last thirty years, the risk capital market in Italy experienced an important evolution. AIFI, the Italian Association of Private Equity, Venture Capital and Private Debt, contributed in structuring and accompanying this process in all of its relevant stages. This paper traces the key moments of this path by analyzing the main issues from a market point of view, but also by considering the most important steps in relation to the growth of both the association and the fiscal and legal framework at the national and international level.