Private equity in Italy set a record in the first six months of this year with 249 deals, the highest number ever in the first half of the year. The total value of transactions was 19.7 billion euros. This is indicated by a study by Deloitte Private. Operators' sentiment for the second half of 2025, however, is less positive than at the beginning of the year: geopolitical instability and the international economic scenario are weighing. And optimism about transaction growth in the short term is diminished, partly because of difficulties in accessing debt capital, especially with bank credit, which remains selective despite expansionary policies. In addition, the crises in Eastern Europe and the Middle East, as well as U.S. economic policies, do not provide a sense of certainty. The market is therefore strong in volume, but cautious in pricing. For the second half of the year, Deloitte estimates 221 deals, with more interest in deals in the 16 to 30 million and 51 to 100 million ranges. The report highlights the growing use of private credit, chosen by 28.6 percent of operators (up 17 percent).