Law Firms in the Establishment of the 21 Invest Platform

Gatti Pavesi Bianchi Ludovici, BDGS Associés, Flichy Grangé Avocats, BonelliErede and Hogan Lovells acted as legal advisers in the transaction, assisting Edizione, the Tages shareholders and Tages Capital SGR, and the 21 Invest group, respectively. Transaction description Edizione, the investment holding of the Benetton family, the 21 Invest group and the Tages group have entered into binding agreements to create a leading pan‑European integrated group controlled by the newly established 21 Next. 21 Next will operate in alternative asset management with a focus on private equity, infrastructure, private debt and venture capital. Upon completion, 21 Next will hold 100% of the share capital of Tages Capital SGR, 21 Invest SGR and 21 Invest France S.A.S. Edizione will be the controller of 21 Next, while the remaining share capital will be held by the founding shareholders of the Tages group and of 21 Invest, together with the current senior managers of the two SGRs and of 21 Invest France, who will reinvest in 21 Next to ensure strategic continuity and alignment of interests with investors. Alessandro Benetton and Panfilo Tarantelli will assume the roles of chairman and CEO of 21 Next, respectively. The new group will have approximately €3 billion assets under management at launch and aims to reach €10 billion in the coming years, supported by €500 million of seed capital provided by Edizione to finance the launch of new funds. The closing of the transaction, subject to the necessary regulatory approvals, is expected in summer 2026. Legal teams and deal counsel Gatti Pavesi Bianchi Ludovici represented Edizione with a team composed by: Carlo Pavesi (equity partner, lead on transaction), Federico Cenzi Venezze (partner), Vittorio Cavajoni (junior partner), Daniele Rabitti (senior associate), Giorgia Davico (associate) and Emanuele Borelli (associate) on corporate and contractual matters; Paolo Ludovici (equity partner), Loredana Conidi (equity partner) and Daniel Canola (junior partner) on tax structuring; Raffaele Sansone (partner), Floriana Sarra (senior associate) and Marco Corda (associate) on regulatory and asset management matters; Elisabetta Patelli (junior partner) on golden power; Andrea Gaboardi (partner) and Nicolò Schiavo (associate) on employment matters; Stefano Grassani (equity partner) and Andrea Torazzi (counsel) on antitrust. BDGS Associés represented Edizione with a team composed by: David Andréani (partner) as lead, Jules Delagrange (associate) advising on French corporate law and asset management regulatory matters, and Florian Bosser (senior associate) and Marie Vialle (associate) addressing issues related to French foreign direct investments. Flichy Grangé Avocats represented Edizione with a team composed by: Joël Grangé (partner), Romain Guichard (partner) and Sarah Mir-Emarati (associate) on French employment law and social security matters. BonelliErede represented the shareholders of the Tages group and Tages Capital SGR with a team composed by: Anna Di Vilio (partner), Stefano Micheli (partner), Alessandro Ippolito (senior associate) and Alberto Picece (associate) on M&A matters; Antonio Rossi (associate) and Luciano Vitali (associate) on regulatory matters; Vittorio Pomarici (partner) and Alessia Varesi (senior associate) on employment matters; Luca Perfetti (partner) and Andrea Gemmi (associate) on golden power; Maurizio Pappalardo (of counsel), assisted by Ciro Gaita, on antitrust. Hogan Lovells represented the 21 Invest group with a team composed by: Luca Picone (partner) as lead, Martino Filippi (senior associate), Francesco De Michele (senior associate) and Paola Rossi (associate).

Law Firms in the Establishment of the 21 Invest Platform

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