Law Firms Advise on Creation of 21 Next, New Alternative Asset Management Platform

Gatti Pavesi Bianchi Ludovici, BDGS Associés and Flichy Grangé Avocats advised Edizione S.p.A.; BonelliErede represented the shareholders of Tages S.p.A. and Tages Capital SGR S.p.A.; and Hogan Lovells advised Gruppo 21 Invest in connection with the transaction. Edizione S.p.A., the Benetton family investment holding, Gruppo 21 Invest and Gruppo Tages have entered into binding agreements to create a leading pan‑European integrated group to be controlled by the newly formed 21 Next S.p.A., a holding operating in alternative asset management with a focus on private equity, infrastructure, private debt and venture capital. Upon completion, 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 be the controlling shareholder of 21 Next S.p.A., while the remaining share capital will be held by the founders of the Tages and 21 Invest groups and by the current senior managers of the two SGRs and of 21 Invest France, who will reinvest in 21 Next S.p.A. to ensure 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 will launch with approximately €3 billion of assets under management and aims to reach €10 billion of AUM in the coming years. Edizione will make available €500 million of seed capital to finance the launch of new funds. The closing of the transaction, subject to required regulatory approvals, is expected in summer 2026. Gatti Pavesi Bianchi Ludovici represented Edizione S.p.A. with a team composed by: Carlo Pavesi (equity partner, corporate and contractual), Federico Cenzi Venezze (partner, corporate and contractual), Vittorio Cavajoni (junior partner, corporate and contractual), Daniele Rabitti (senior associate, corporate and contractual), Giorgia Davico (associate, corporate and contractual) and Emanuele Borelli (associate, corporate and contractual). The tax structuring was handled by Paolo Ludovici (equity partner, tax), Loredana Conidi (equity partner, tax) and Daniel Canola (junior partner, tax). Regulatory and asset management matters were advised by Raffaele Sansone (partner), Floriana Sarra (senior associate) and Marco Corda (associate). Golden power issues were handled by Elisabetta Patelli (junior partner). Employment matters were followed by Andrea Gaboardi (partner) and Nicolò Schiavo (associate). Antitrust work was led by Stefano Grassani (equity partner) and Andrea Torazzi (counsel). BDGS Associés represented Edizione S.p.A. with a team composed by: David Andréani (partner), Jules Delagrange (associate, French corporate and asset management regulatory matters), Florian Bosser (senior associate, foreign direct investment) and Marie Vialle (associate, foreign direct investment). Flichy Grangé Avocats represented Edizione S.p.A. with a team composed by: Joël Grangé (partner), Romain Guichard (partner) and Sarah Mir-Emarati (associate) on French labour law and social security matters. BonelliErede represented the shareholders of Tages S.p.A. and Tages Capital SGR S.p.A. with a team composed by: Anna Di Vilio (partner) and Stefano Micheli (partner); Alessandro Ippolito (senior associate) and Alberto Picece (associate) on M&A; Antonio Rossi (associate) and Luciano Vitali (associate) on regulatory matters; Vittorio Pomarici (partner) and Alessia Varesi (senior associate) on employment; Luca Perfetti (partner) and Andrea Gemmi (associate) on golden power; and Maurizio Pappalardo (of counsel), supported by Ciro Gaita, on antitrust. Hogan Lovells represented Gruppo 21 Invest with a team composed by: Luca Picone (partner), Martino Filippi (senior associate), Francesco De Michele (senior associate) and Paola Rossi (associate).

Law Firms Advise on Creation of 21 Next, New Alternative Asset Management Platform

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