The shortest way to put it is that Evola favoured the organic state and the organic individual, ideals which were not achieved by either regime. I recommend reading these texts yourself, but just to cover some important points, Evola objects to the following:

• Materialism: identified in political doctrines on the state, race, society etc.
• Political incoherence: democratic residues, the "one party state", unnecessary fabricated pluralism like the Grand Council of Fascism, conflicting definitions of the role of the state including some weird utilitarian ones etc.
• State and bureaucratic expansion: a truly prestigious, powerful authoritarian state does not aim to micromanage society, and certainly does not need to.
• Insufficient elitism: too much focus on mass rallies and public events that are of little true significance, too little effort to articulate a "New Man" with clear ethos, function, style, conduct and social base.

What Evola proposed as the perfect state is a state that acts as a formative force, fulfils all of its legitimate functions, imparts a direction on the nation without artificially constraining its creative energies with needless bureaucracy, and leads to the proliferation of the sacred and of superior values such as loyalty, discipline etc.