• The White House is convening a high-level meeting of the national security team to discuss U.S. policy toward Venezuela, signaling a renewed focus on the country's political and humanitarian crisis.
  • The discussions are expected to center on the effectiveness of the current sanctions regime, diplomatic strategy, and regional stability in Latin America.
  • The meeting comes amid ongoing political standoff in Caracas and significant migration flows affecting neighboring countries, with U.S. regional alliances and the roles of China and Russia as key variables.

President Trump is scheduled to meet with his national security team to review U.S. policy toward Venezuela, according to people familiar with the matter. The meeting, expected in the coming days, indicates a heightened focus on the country's protracted political and humanitarian crisis and the strategic challenges it poses in the Western Hemisphere.

The discussions are likely to cover a range of policy considerations, including the effectiveness of the sanctions regime in place since 2017, diplomatic recognition of opposition figures, and coordination with key regional allies like Brazil and Colombia. A central topic will be the ongoing migration crisis, which has placed strain on neighboring countries and remains a point of discussion with Mexico and Central American nations.

“What institutional investors like us are really focused on is regulatory stability,” said Valeri, who’s also chief investment officer for Blackstone Credit and Insurance’s private credit business in Europe and APAC. “Italy in this regard has been on a very steady growth trajectory.”

While banks remain dominant, Italian companies are now opening up to non-bank lenders, with private credit funds often partnering up with domestic banks to deploy capital.

Private-Public Partnerships

Italy was slightly behind in private credit, said Cecile Mayer-Levi, head of private debt activity at Tikehau Capital SCA, but partnerships with banks are well established.

“We have a constant balance with the banks, which really we consider our partners and not only our binary competitors,” she said. “It’s much more of a convergence between the two solutions.”

The country has historically presented some hurdles to private credit lenders, as domestic regulation requires funds to finance deals as bonds rather than loans, a cumbersome procedure. But Italy is catching up with other European private credit markets, with funds putting more efforts into sourcing domestic deals, partially because competition for deals has toughened elsewhere in Europe.

Private equity is also an area of growth, with KKR & Co. recently closing a €22 billion deal ($24.6 billion) for the acquisition of a majority stake in Telecom Italia SpA’s Netco.

“It’s a great country to invest here because there are a lot of very good companies and the market here is not as competitive as other markets,” according to Giampiero Mazza, head of Italy at CVC Capital Partners, a private equity firm. “You can create your own ideas.”

Efforts to maintain a unified diplomatic front with Latin American partners have hit occasional snags, and the White House is keen to reassess its approach. The role of external actors, namely China and Russia, which maintain financial and political ties to the government of Nicolás Maduro, will also be a critical part of the conversation. These relationships complicate the U.S. strategy of applying maximum pressure on Caracas.

Domestically, the policy has significant implications for the Venezuelan diaspora in the U.S., particularly in Florida, a key electoral state. The humanitarian situation inside Venezuela, marked by hyperinflation and shortages of basic goods, continues to drive migration, making it a central concern for regional stability.

The White House did not immediately respond to a request for comment on the agenda or potential outcomes of the meeting. Analysts suggest potential outcomes could range from a simple reaffirmation of the current maximum pressure policy to adjustments in sanctions or new coordinated diplomatic initiatives with allies. The internal political developments within Venezuela, including the status of future elections, remain the most unpredictable variable.

Correction: An earlier version of this article misstated the timing of the initial U.S. sanctions on Venezuela. They were first imposed in 2017, not 2019.