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Meet the team
Marco Bellino
Partner
Marco joined PAI in 2025 as Head of the Flagship Fund in Italy.
Marco joined from Ardian, where he played a pivotal role in expanding the firm’s coverage and building the Italian buyout team over the course of 12 years. During his time at Ardian, he advanced to the positions of Managing Director and Deputy Head of Buyout Italy.
Prior to this, Marco worked as an investor at Hutton Collins and began his career in investment banking at UBS.
Marco graduated from HEC Paris.
Philip Bengtsson
Principal
Philip joined PAI in 2018. He is a member of the Nordics Team. He has been involved in the Asmodee, NovaTaste, Perstorp and World Freight Company transactions.
He started his career in the Investment Banking Division of J.P. Morgan in London, where he spent two years, first in the Oil & Gas team and then in the Nordic M&A team. He then spent two years working in private equity for Rhône Group in London.
Philip studied Finance at the Stockholm School of Economics.
Maud Brown
Partner
Maud joined PAI in 2019 and heads PAI’s US Team. She has been involved in the Refresco, Alphia and Tropicana Brands Group transactions.
She was previously with Investcorp where she spent more than 18 years in London and New York, most recently as a Managing Director in New York and a member of the firm’s Investment Committee. She started her career in M&A at Salomon Brothers and Merrill Lynch in London.
Maud graduated from ESCP and holds a Master’s in Corporate Law from the University Paris XI.
Hui Chan
Managing Director
Hui joined PAI in 2025 and is a member of the Business Services and UK Teams. She has been involved in the HKA and VPS investments.
She joined PAI from Bain Capital, where she spent 11 years in the European Private Equity team, most recently as Managing Director. Hui started her career at Bank of America Merrill Lynch focusing on UK Mergers & Acquisitions.
Hui graduated from the University of Cambridge in Economics and has an MBA from Harvard Business School.
Andrea Degioanni
Principal
Andrea joined PAI in 2025 as a member of the Italy Team.
He previously spent eight years at The Carlyle Group in Milan, where he focused on investments in the industrial and food sectors in Italy. During his time there, he contributed to the growth of the local team and most recently served as a Principal.
Andrea began his career in Investment Banking at UBS.
He holds a MSc in Finance from Bocconi University.
John Gallagher
Investment Director
John joined PAI in 2022 as a member of the Investment Group and the UK Team. He has been involved in the Azets investment.
He joined us from L Catterton where he was an Investment Associate. Prior to this, John worked at Goldman Sachs in the Consumer, Retail and Healthcare M&A team.
John holds a Master of Laws from Harvard Law School, a Master of Corporate Law from the University of Cambridge, and a BCL in law and history from University College Dublin.
Nacho García-Altozano
Partner
Nacho joined PAI in 2024 and is Head of the Flagship Fund Team in Spain.
He joined from Cinven, where he spent seven years, with the last four as a Senior Principal based in Madrid. During his time at Cinven, Nacho participated in many transactions across different sectors, including Consumer and Business Services.
Nacho previously worked as an Investment Director at Bridgepoint for five years. Prior to this, he worked in investment banking and leveraged finance at UBS, Merrill Lynch and ING.
Nacho graduated in Business Administration from CUNEF in Madrid.
Ralph Heuwing
Senior Adviser
Ralph joined PAI in 2020. He has been Head and then Chairman of DACH. He has been involved in the Apleona, Infra Group, Motel One and NovaTaste investments and has served as Head of the PAI Performance Group.
Ralph previously worked at Knorr-Bremse, a world leading supplier to the commercial and rail vehicle industry, where he was CFO and a member of the Executive Board. He led and executed the company’s IPO in 2018. Prior to this, Ralph was CFO and a member of the Executive Board at MDAX-listed Dürr, a leading global mechanical and plant engineering firm.
Ralph began his career at Boston Consulting Group, where he worked for 17 years. He served as a Managing Director, Partner and member of the Management Committee, holding various roles in Germany and building the firm’s operations in India.
Ralph holds an ME degree in Mechanical Engineering from RWTH Aachen and an MBA from INSEAD.
