This master thesis explores the dynamics of turnaround investing in Italy over the period 2016 to 2022, a time characterized by significant economic fluctuations and challenges for businesses across various sectors. At the heart of this investigation is an analysis of the drivers behind successful turnaround strategies, providing insights into the mechanisms that enable distressed companies to achieve sustainable recovery and growth. Turnaround investing refers to the process of identifying, investing in, and revitalizing companies that are experiencing financial distress or operational difficulties. This investment strategy is predicated on the belief that, with the right interventions in management, operational efficiencies, financial restructuring, or strategic reorientation, these companies can recover and generate substantial value for their stakeholders.